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Linking “Riyada” initiative loans to an electronic application
Iraq 12/12/2023
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Baghdad: Omar Abdul Latif
Adviser to the Prime Minister, Hussein Flamers, mortgaged the launch of the loans that will be granted within the “Riyada” initiative by developing an electronic application to manage the entire process, calling on citizens to stay away from luxuries in order to reduce the price of the dollar in the market.
In an interview with Al-Sabah, Flammers said: “A large number of young people registered in the “Riyada” initiative launched by Prime Minister Muhammad Shiaa Al-Sudani last March with the aim of pushing more of them into the labor market by creating new opportunities for them.”
Vlammers added, “Implementation will take place in four stages of the initiative, which are electronic registration, training, qualification for granting loans, and payment of participation fees during the next week.”
He explained that “granting loans in the final stage of the initiative will be the responsibility of Al-Rafidain and Al-Rasheed Banks after fully setting the final instructions, and agreeing to interconnect them with an electronic application to manage the process,” noting that “the application will follow the borrower for ten years in exchange for a small fee ranging between 5 - 10 thousand dinars annually to obtain Internet capacity through which he can upload his products and others,” pointing out that loans could be launched at the end of the fiscal year if the two banks cooperate in this aspect.
Regarding the fluctuation of the exchange rate in the parallel market, Flamers said: “It is a participatory issue between the government and the citizen, and the citizen can acquire necessary things and stay away from luxuries, as excessive consumption exacerbates the problem.”
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