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Launching the “national” strategy for bank lending in Iraq 2024-2029
Economical 05/26/2024
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Yesterday, Saturday, the Central Bank of Iraq launched the “national” strategy for bank lending in Iraq for the period 2024-2029.
The celebration on this occasion took place under the patronage of Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, who said in his speech that the Iraqi government has developed an economic vision regarding the borrowing policy, which is that borrowing paths will be directed towards development aspects, through financing strategic projects, which It cannot be financed from the state's general budget, which could contribute to raising the level of development in the country.
This strategy was launched by the Central Bank, which was prepared in cooperation with the German Development Agency.
In his speech, the Minister indicated that this strategy is consistent with the government’s directions, and coincides with the completion of the preparation of the five-year development plan for the same period of time, and the legalization of loans.
He indicated that the presence of a lending strategy could contribute to increasing the credit granted to the private sector by 4% of the non-oil GDP, and giving special attention to small, small and medium enterprises by increasing the credit granted to them by 3% of the non-oil GDP.
Tamim stressed that this trend would contribute to financing more projects, and give the private sector a good space to be a real partner in achieving development goals, as well as moving forward to achieve a state of economic diversification, and then reduce dependence on oil.
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