And she indicated, "The international community and international organizations are working to help

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[size=52]The Central Bank: The national lending strategy will enter into force next year[/size]

[size=45]Yesterday, Monday, the Central Bank of Iraq announced a direction to build a national strategy for lending that will come into effect early next year, and while stressing that Riyada Bank will be a base for launching and financing small and medium enterprises, it indicated that its total initiatives amounted to more than 12 billion dollars.
[size=45]Governor Ali Al-Alaq said, in a speech during a conference held by the German Agency for International Cooperation (GIZ) on the needs and priorities of actual financing for small and medium projects in Iraq, “The bank seeks to build a partnership with the German Foundation for International Cooperation, which is today one of the largest development institutions in the world and works On the basis of the model that aims to achieve a balance between economic development, social inclusion and environmental protection.[/size]
[size=45]And Al-Alaq continued, “This comes from the role of the Central Bank of Iraq in achieving economic stability, contributing to growth and prosperity, and creating job opportunities through unconventional monetary policy, which has been initiated since 2015, and it is one of the policies pursued by some central banks in the world in order to push wheel of economic growth.[/size]
[size=45]He pointed out, "The initiatives of the Central Bank of Iraq, which are distributed between the initiative to develop small and medium projects, housing loans, renewable energy and other economic projects in the fields of agriculture, industry and services, which total more than 12 billion dollars, accounted for 30 percent of the total credit in the private sector."[/size]
[size=45]Al-Alaq explained that “the Central Bank is moving towards building a national strategy for lending, and it has reached advanced stages in terms of design.”[/size]
[size=45]And he expected, “It will enter into force in early 2024, and it aims to facilitate bank borrowing in its various forms in light of a diagnosis through weaknesses and challenges as well as opportunities and strengths available in order to end this realistic formulation.”[/size]
[size=45]Al-Alaq stressed, “The central bank continues to support small and medium enterprises, which are the backbone of economic projects, revitalize the private sector, and reduce unemployment and poverty.”[/size]
[size=45]And he continued, “The experience of the Central Bank during the initiative to finance small and medium enterprises in the past years indicated that financing alone is not sufficient, but rather sectors, skills and training must be strengthened and an environment suitable for the launch of projects must be created, and this is what we see from international organizations that have long experience in this field.” Including the German Cooperation Organization.[/size]
[size=45]Al-Alaq pointed out, "The launch of the Al-Riyadah Bank project during the past days and work to achieve it through Iraqi banks, which will be a basis for launching and financing small and medium projects."[/size]
[size=45]And he added, "Monetary policy tools contribute to overcoming financial crises," calling on government and private banks to "strengthen their efforts in this regard."[/size]
[size=45]Al-Alaq went on to "appreciate the organized efforts that try to enhance the cooperation of projects that serve development."[/size]
[size=45]For his part, the ambassador of the European Union mission to Iraq, Vili Fargola, said in his speech that "small and medium enterprises in Iraq are important and necessary projects."[/size]
[size=45]Fargola added, "There are many countries, including Italy, Germany, France, the Netherlands and Sweden, that support these projects."[/size]
[size=45]He pointed out that "projects in Iraq cannot exist without support, so there are practices by the government to facilitate projects and develop the Iraqi economy."[/size]
[size=45]He stressed, "The government of Muhammad Shia' al-Sudani welcomed initiatives to support projects, and therefore there are efforts to support medium and small projects on an international level," noting that "the decisions that are taken aim to facilitate investments."[/size]
[size=45]For her part, Chargé d'Affairs of the German Embassy, ​​Margarethe Jacob, said, "The German project aims to develop economic and advanced companies in Iraq, for the sake of development, which prompted us to establish many projects in countries of the world, including Iraq."[/size]
[size=45]And Jacob added, "The Iraqi economy faced many crises due to the terrorist ISIS' takeover of many regions, as well as the conflict between Ukraine and Russia, which caused an economic setback at the global level."[/size]
[size=45]And he stressed the need to "diversify the economy and its sources, and move away from dependence on oil only."[/size]
[size=45]Jacob indicated that "German support came to develop the private sector in Iraq by supporting projects that revitalize and develop the economic system."[/size]
[size=45]And she emphasized, “Focusing on economic diversification, financial projects, medium companies, and the development of the Iraqi private sector.”[/size]
[size=45]Jacob noted, "The Iraqi government is committed to economic diversification and supporting the labor market, through economic projects, in order to develop small businesses."[/size]
[size=45]And she indicated, "The international community and international organizations are working to help the Iraqi government and develop small and medium enterprises in Iraq." And Jacob went on to say that "working and playing this role is in cooperation with Iraqi partners to develop the Iraqi economy."[/size]

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