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Economy News - Baghdad
The Minister of Labor and Social Affairs, Ahmed Al-Asadi, confirmed, on Tuesday, that the ministry has set new instructions for granting loans through the amendments made to the lending law, "so that the loans go to real projects that are economically feasible."
The Ministry of Labor stated in a statement that Al-Asadi "presided over a meeting of the Board of Directors of the Fund for Supporting Small, Income-Generating Projects."
Al-Asadi said, "The ministry has about 400 billion dinars within the budget of the lending fund, and these amounts must be spent on real projects," pointing out that "90% of the loans granted are advances, not loans to establish real productive projects."
Al-Asadi stressed "the necessity of setting up a mechanism to implement the new instructions for granting loans, diagnosing weaknesses in financing projects, introducing borrowers to training courses to qualify them, implementing projects with the importance of studying the economic feasibility of each project," adding that "the ministry is facing a major project, which is amending the law, The minimum loan amount is 20 million.
During the meeting, according to the statement, "the loans granted within batch 35 and batch 36, which were launched recently, were reviewed, and a study was discussed on mechanisms to ensure that loans achieve the goals set for them, as well as the recommendation of the Prime Minister regarding taking the necessary measures to include social protection beneficiaries with loans, and establishing mechanisms regarding This is by the Department of Labor and Vocational Training and the Social Protection Authority.
Added 08/22/2023 - 4:19 PM
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