Cabinet approves national strategy for bank lending

by **Rocky** Mon 19 Aug 2024, 5:04 am

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Post n°1

Cabinet approves national strategy for bank lending

by Rocky Mon 19 Aug 2024, 5:04 am

Cabinet approves national strategy for bank lending

First 2024/08/19
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The Council of Ministers, in its regular session held yesterday, Sunday, headed by the Council Chairman, Muhammad Shia Al-Sudani, approved the national strategy for bank lending prepared by the Central Bank of Iraq, including the recommendations and programs included therein.
The strategy, according to a statement by the Prime Minister's Media Office, aims to stimulate the growth of the Iraqi private sector by improving the business environment, attracting local and foreign investors, and increasing credit granted to it from the non-oil GDP by 2029, in addition to increasing credit to small projects from the non-oil GDP, and financing nearly 100,000 projects.
The Council agreed that the Prime Minister’s Office would assign ministries, governorates and other relevant entities to implement the components of the Million Visits Project, including the procedures for advertising, referral, contracting and supervision of the implementation of the work, according to each case (component) directed by the Prime Minister, and based on the availability of allocation and financial liquidity.
The Council of Ministers voted that the customs duty for containers larger than 40 feet would be 4 million dinars flat.
With the aim of providing service and entertainment facilities to the residents of the capital, the Council approved the referral of the project to transform the land of Al-Rashid Camp, east of Baghdad, into sustainable and tourist forest areas, according to high specifications that are compatible with the environment, and to invest the area allocated for entertainment activity only, and the investor is granted an investment license to establish a residential complex of (12) thousand housing units, instead of the camp land.
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by **Rocky** Mon 19 Aug 2024, 5:11 am

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Cabinet approves 'new' strategy for bank lending

by Rocky Mon 19 Aug 2024, 5:11 am

Cabinet approves 'new' strategy for bank lending

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Economy News - Baghdad

The Iraqi government approved, on Sunday, a “new” strategy for bank lending to attract local and foreign investors and finance nearly 100,000 projects.

The Prime Minister's Media Office stated in a statement seen by "Al-Eqtisad News" that "Al-Sudani chaired, today, Sunday, the thirty-fourth regular session of the Council of Ministers, in which the latest developments in the country were discussed, and a number of economic and service issues were discussed, in addition to considering the topics on the agenda and taking the necessary decisions regarding them."

He added that "the Council of Ministers approved the national strategy for bank lending prepared by the Central Bank of Iraq, including the recommendations and programs included therein, within the framework of the government's vision for economic reform and activating the investment and development movement in the country."

The statement added, "The strategy aims to stimulate the growth of the Iraqi private sector by improving the business environment, attracting local and foreign investors, and increasing credit granted to it from the non-oil GDP by 2029, in addition to increasing credit to small projects from the non-oil GDP, and financing nearly 100,000 projects."

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by **Rocky** Mon 19 Aug 2024, 5:21 am

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Post n°3

Cabinet votes on national strategy for bank lending

by Rocky Mon 19 Aug 2024, 5:21 am

[size=38]Cabinet votes on national strategy for bank lending[/size]

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August 18, 2024[You must be registered and logged in to see this link.]
Baghdad/Al-Masala: The Council of Ministers issued, today, Sunday, a number of new decisions during its session held under the chairmanship of Prime Minister Mohammed Shia Al-Sudani, including voting that the customs duty for containers larger than (40 feet) be 4 million dinars.
The Prime Minister’s Media Office said in a statement that “Prime Minister Mohammed Shia al-Sudani chaired the 34th regular session of the Council of Ministers, during which the latest developments in the country were discussed, a number of economic and service issues were discussed, in addition to considering the topics on the agenda and taking the necessary decisions regarding them.”
It added that “as part of the government’s efforts to organize the million-strong visits to the holy shrines and provide their requirements, through the Permanent Supreme Committee, the Council of Ministers approved the following:
1. The Prime Minister’s Office shall assign ministries, governorates and other relevant bodies to implement the components of the Million Visits Project, including the procedures for announcing, referring, contracting and supervising the implementation of the work, according to each case (component) directed by the Prime Minister, and based on the availability of allocation and financial liquidity.
2. The procedures for auditing the dues of the companies implementing the components of the Million Visits Project shall be the tasks of the sectoral bodies of the ministries, governorates and other relevant bodies, and disbursement, allocation and requesting financing shall be within the powers of the Prime Minister’s Office in coordination with the Ministries of Planning and Finance.
3. The Supreme Committee for Million Visits shall coordinate with the ministries, governorates and other relevant bodies to select projects and complete the requirements for including the components of the Million Visits Project with the Ministry of Planning. The bodies preparing these components shall bear the legal, accounting and technical responsibility in terms of preparing plans, designs, specifications and prices according to the nature of the work.
4. The Supreme Committee for Million Visits shall follow up on the components of the project during the announcement, referral, contracting and implementation phase.”
He added that “within the framework of the government’s vision for economic reform and activating the investment and development movement in the country, the Council approved the national strategy for bank lending prepared by the Central Bank of Iraq, including the recommendations and programs included therein.”
He stressed that “the strategy aims to stimulate the growth of the Iraqi private sector by improving the business environment, attracting local and foreign investors, and increasing credit granted to it from the non-oil GDP by 2029, in addition to increasing credit to small projects from the non-oil GDP, and financing nearly 100,000 projects.”
He explained that “the Council of Ministers voted that the customs demarcation for containers larger than (40 feet) would be 4 million dinars in a lump sum.”
He added that “in order to proceed and expedite the implementation of urgent service projects and complete infrastructure projects, it was approved to exempt the Ministries of Construction, Housing, Municipalities, Public Works, Health, Higher Education and Scientific Research from the contracting methods stipulated in the Instructions for Implementing Government Contracts (2 of 2014) to implement infrastructure projects and establish educational hospitals based on solid and specialized companies.”
He explained that “with the aim of providing service and entertainment facilities for the people of the capital, Baghdad, the Council approved the referral of the project to transform the land of Rashid Camp, east of Baghdad, into sustainable and tourist forest areas, according to high specifications that are compatible with the environment, and to invest the area designated for recreational activity only, and to grant the investor an investment license to establish a residential complex of (12) thousand housing units, instead of the camp land, in the districts of Dahna, Hekteria and Shaar, and 19 Ghazaliya, and to cancel all previous allocations on it.”
He added that “on the service side of the capital as well, it was approved to allocate the Ministry of Finance an amount of (21,980,040,000 dinars) from the emergency reserve to the Baghdad Municipality, regarding the direct implementation works of the Karkh/Al-Buaitha sewage water purification project based on the provisions of the Federal General Budget Law (13 of 2023).”
He said, “As part of the ongoing preparations to conduct the general population census next November, the Council approved the special requirements to equip the Kurdistan Region of Iraq data center with the necessary devices, equipment, licenses and servers to transfer the general population census data in the region’s governorates from and to the main center in Baghdad.”
He added, “In the process of completing stalled projects in all sectors, the following was approved:
1- Promoting the required spare parts order and increasing the reserve amount for the project (implementing the infrastructure for (water, electricity, and communications) works with the first phase of (municipality and sewage) works for the allocation of 2375/ which is located behind (Yassin Kharbit/ allocation of the martyrs of the crowd), and adjacent to allocation 2373, and increasing the total cost of the main project in Basra Governorate.
2- Increasing the reserve amount and the total cost of the project (constructing the second Qurna Bridge).
3- Increasing the reserve amount for the contracting (development works of district 627 - University neighborhood, paving + water within the Mansour municipality sector), and increasing the total cost of the project (paving main roads and residential shops) within which the contracting falls.
He concluded that “the council approved identifying the creditor companies concerned with the procedures for seizing and selling Iraqi real estate in France and the size of their debt, to avoid the operations of seizing and selling real estate in France.”
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