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Plans to increase the real estate bank's capital
Economical 05/06/2024
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A member of the Parliamentary Finance Committee warned yesterday, Sunday, of defaulting on real estate loans, revealing plans to enhance financing and increase the capital of the Real Estate Bank.
Muhammad Nouri said that the Real Estate Bank receives its funding from the Central Bank, and in light of this, the bank will release financing for citizens during the coming period.
Nouri added that the cessation of funding by the Central Bank of the Real Estate Bank caused the cessation of granting loans to citizens, and we are working to increase funding through the schedules of the general budget law.
He pointed out that the real estate bank's capital is very weak, and we are working to increase it to more than one trillion dinars through the budget law schedules.
The Government Real Estate Bank adopts a financing system for Iraqi citizens for the purpose of purchasing or building homes, and aims to enhance housing and provide suitable means of life for citizens.
The Central Bank of Iraq has allocated 6 trillion dinars since 2015 to launch two housing loan initiatives. The first is a five trillion initiative that went to sectoral banks, which are industrial, agricultural, real estate, and the Housing Fund, and a one trillion initiative that went to private banks.
At the end of the year 2021, the Central Bank of Iraq decided to increase the housing initiative’s allocations to the Real Estate Bank and the Housing Fund by an amount of (2.6) trillion Iraqi dinars.
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