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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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    "For lack of cooperation"... The failure of the Iraqi Central Bank's initiative to support renewable

    Rocky
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    Bank - "For lack of cooperation"... The failure of the Iraqi Central Bank's initiative to support renewable Empty "For lack of cooperation"... The failure of the Iraqi Central Bank's initiative to support renewable

    Post by Rocky Sat 02 Mar 2024, 4:33 am

    "For lack of cooperation"... The failure of the Iraqi Central Bank's initiative to support renewable energy projects



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    2024-03-02 02:41
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    Shafaq News/ The Electricity and Energy Committee in the Iraqi Parliament acknowledged, on Saturday, the failure of the Central Bank’s initiative to support renewable energy projects in the country. 
    Committee member MP Kamel Al-Ugaili told Shafaq News Agency that the Central Bank launched the One Trillion Dinar Initiative three years ago to support renewable energy, indicating that only 250 million dinars were spent of this amount on ten borrowers.
    He added that the initiative did not succeed due to the complex procedures and the Central Bank’s lack of cooperation with banks and banking institutions and its media promotion.
    He continued, saying, "It was assumed that there would be joint coordination and cooperation between the Ministry of Electricity, the Central Bank, and the banks, and that there would be one team for the success of the initiative," expressing regret that those in charge of it are not cooperating among themselves.
    Al-Ugaili also expressed his regret about the conditions of the initiative, one of which is the demand from the borrower for 250 thousand dinars per month, noting that those with limited income are unable to pay such an amount, in addition to the red tape, late obstacles, and lack of coordination between the Central Bank and Iraqi banks.
    Al-Ugaili confirmed that the Parliamentary Electricity and Energy Committee will host the Governor of the Central Bank, the Minister of Electricity, and bank managers to find out the reasons for the bank’s lack of cooperation with banks and the ability of the Ministry of Electricity to make the renewable energy project a success.
    Earlier, the “Green” Observatory of Iraq, which specializes in environmental affairs, held the Central Bank responsible for undermining the project to use solar panels in homes to produce electrical energy, due to the terms of its initiative for the loans it grants, and called for amending some of the initiative’s paragraphs for its success.
    At the beginning of March 2022, the Central Bank of Iraq issued controls for financing electricity generation systems from renewable energy.
    The bank explained in a statement at the time that this initiative is in line with the state’s directions to adhere to the decisions of the Paris Climate Conference, as the Central Bank launched its initiative to switch to clean energy within this framework, where a committee was formed headed by the Deputy Governor, and its membership included representatives of the Ministries of Environment and Electricity and the Central Organization for Standardization. And qualitative control, as well as representatives of the private sector, experts and investors.
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