Director of the Industrial Bank: our credit capacity / 33 billion / JD to serve the Iraqi Industrial

Director of the Industrial Bank: our credit capacity / 33 billion / JD to serve the Iraqi Industrialists




Monday 03/11/2013 04:24 pm
Source: Baghdad

Baghdad / WAP / Karim Sudanese .. announced general manager of Industrial Bank Mohamed Abdel Wahab Abdel Kader Industrial Bank started granting loans credit after approving the budget of the Ministry of Finance.

Abdulwahab said in a statement singled out by the international news agency Baghdad / WAP / he "

There are three plans for each bank, the first credit plan will be approved by the Minister of Finance and Minister of Planning Agency Ali Shukri Lama plans and ongoing investment These are the budget approved by parliament.

He pointed out that "the bank allocated this year as part of his plan credit $ 33 billion Iraqi dinars, according to authenticate the Ministry of Finance and the budget can be increased, and are granted loans this year, according to regulations established safeguards adopted by the ministry whether guarantees industrial, commercial or agricultural or residential)" .

He said "the process of canceling the guarantor guarantor came into force after the balance allocated to such advances planned disbursement of borrowers and occurred constraints, which prompted us to study again and we will launch the process of granting loans bail guarantors guarantors during the next few."

He explained that "the Industrial Bank and through the Board of Directors of a study to raise the value of small loans to more than 15 million and an interest rate of 9% and payment will be made over three years, and simplified procedures will be developed in order to facilitate the granting of these loans."

He continued general manager of Industrial Bank said that "the obstacles facing the work of the Industrial Bank include accumulation of imported goods and bad as well as the cancellation of customs tariffs and the development of electricity system in Iraq, where the industrial when wants to obtain a loan and provides a guarantee residential / house, factory, plant / wants so that develops done, but if had no such guarantees, the industrial becomes unable to develop his work and thus be unable to repay the loan he received from Industrial Bank. "

"The past year has been the implementation of the 70% of the credit plan developed by the bank due to the arrival of a small number of Alsnaaeyen for industrial loan from the bank, and the bank began to grant loans after it was approving the budget credit."

He noted that "the value of the loan are as a feasibility study of the project provided by the person wishing to obtain a loan of industrial bank, according to the report of the Committee on detection, inspection and on this basis is determined the amount to be granted to the industrial, and loans also include loans to build factories and plants and loans to buy raw materials and loans for the purchase of machines ".

He explained that "there is a study that was developed in order to reduce the interest rate and will be submitted to the ministry for approval, and that in spite of flooding the market with imported goods and of poor quality but local product exists in large quantities and proved its existence, and that the bank granted loans to the private sector and mixed while the public sector are granted by Rafidain and Rasheed. "

He Abdulwahab that "Industrial Bank shareholder with more than 26 companies, which vary from (14 sector company mixed) and (12 private sector companies) and is attribution by increasing its capital, as well as support loans, and Industrial Bank opened last year two branches only the first in the holy city of Karbala and the second in Najaf As for the current year will open new branches in Dhi Qar and Al-Mansour and Al-Anbar. "

"The Industrial Bank develop an integrated plan for the elimination of any case of corruption through the introduction of one-stop shop as well as the development of cameras monitoring both in the public administration or branches as well as the development fund for complaints." / End

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What I see a great need for is Insurance Companies with balls so the banks will cut loose of the money after the stupid government approves what ever for what ever. We need the money to flow..