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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    American Development pumps $50 million to support small and medium-sized companies through the Natio

    Rocky
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    American Development pumps $50 million to support small and medium-sized companies through the Natio Empty American Development pumps $50 million to support small and medium-sized companies through the Natio

    Post by Rocky Tue 12 Dec 2023, 5:01 am

    American Development pumps $50 million to support small and medium-sized companies through the National Bank of Iraq

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    Economy News _ Baghdad
    The National Bank of Iraq announced obtaining a loan from the American Foundation (DFC) worth $50 million to support small and medium-sized companies in Iraq, pointing out the need to increase the competitive capabilities of this segment and develop their businesses.
    The bank said in a statement seen by Al-Iqtisad News that it had obtained a loan worth 50 million US dollars from the American Development and Finance Corporation (DFC), explaining that the entire loan is allocated to the bank’s clients from small and medium companies at a low cost, in exchange for the bank’s commitment to contribute by adding 35 million. Dollars in facilities over the next five years to the loan portfolio of small and medium-sized companies.
    He stated that this loan will enable the bank to continue its regular support for this vital sector by increasing financing and working capital, which in turn will boost commercial activity, preserve jobs, and ensure more economic stability, especially since small and medium-sized companies are a major driver of economic growth and provide job opportunities. New, contribute to economic and social development, and stimulate sustainable economic growth, which will have a significant impact on the revenues of small and medium-sized companies and their operations in Iraq.”
    He added, "The past few years have witnessed increasing international recognition of small and medium enterprises (SMEs) because of the crucial and important roles they play in creating new job opportunities, and their significant contribution to achieving economic development and reducing the crises of poverty and unemployment, in addition to their complementary roles in supporting larger companies." “It is considered the main source of the work of these companies.”
    According to a report prepared by the World Bank, small and medium-sized companies in Iraq represent about 90% of the total companies operating in the country, provide about 70% of job opportunities, and contribute about 25% of the gross domestic product, and at a time when the private sector provides... About 60% of jobs in Iraq, small and medium-sized companies are responsible for most of them. However, small and medium-sized companies in Iraq face many challenges, including a lack of liquidity, according to the bank’s statement.
    The bank affirmed its commitment to “supporting small and medium-sized companies by launching programs dedicated to supporting this segment of customers with the aim of increasing their competitive capabilities and developing their business.” It should be noted that the National Bank of Iraq today tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached $2.8 billion, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200 thousand customers who are served by With more than 1,000 employees, 27 branches and 200 ATMs.


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