Director General of the Industrial Bank announces the launch near industrial loans Initiative

Director General of the Industrial Bank announces the launch near industrial loans Initiative

2016-01-12

BAGHDAD / Karim Jassim al-Tai / .. General Manager of Industrial Bank Kazem fistula revealed near the industrial implementation of the initiative announced by the Iraqi government by granting loans for industrialists funded by the Central Bank of Iraq.

Fistula, said in a statement singled out by the (economic agency dinars): The bank sent more than 20 industrial projects to the High Commission in the Prime Minister's Office in order to evaluate the economic feasibility of these studies and industrial projects approved. Noting that these projects of major projects competent food and pharmaceutical industries, petrochemical and oil and others which will contribute to stimulate and support the national industry in Iraq, it represents an important economic tributary ethnic government is seeking advancement again and relied upon as a resource fiscal second after oil, which is witnessing a sharp decline in prices during the present time .

He fistula that the bank completed all the requirements and the development of internal controls to the process of lending was the business division of the staff, branches and authorized signatories and prepared an independent books so systems and electronic form filled by applicants for the purpose of presentation to the Paradise Quartet of industrial bank and the Directorate General for Industrial Development and the Iraqi Federation of Industries of this and Management Technology program at the Central Bank of Iraq to put all what is required by these entities in electronic form listed to enable the authorities of the four aforementioned entities from obtaining information requested by immediately and electronically with the form .vdila for an electronic network building among the four parties to this end.

He continued fistula that the bank will send another group of the feasibility of industrial projects studies for the purpose of sending to the Supreme Committee problem in the Office of the Prime Minister competent assessment of feasibility studies for industrial projects for the purpose of approving and returned to the bank to agree or not to the bank after it detects field in the provinces in them by The first of two main Committee is a committee of technicians and experts, that reveal the machinery and production lines that already exist in the project and evaluated at current prices.

He said: The Second Committee is a committee disclose the applicant's commitment to the implementation of 20% of the total project cost and the disclosure of mortgage guarantee provided that the land of the factory that was the king of the exchange in his name or decades long rent or Musataha which has to enable the Bank unify the idea of ​​these two committees and their comments in One report submitted to the credit committee of the bank, headed by the Director General, considering the limits of the needs of those projects and their conformity with what is mentioned in the feasibility studies submitted and obtained approval of the Supreme Committee them for the purpose of presentation to the board meeting to take a decision on the allocation of funds.

Fistula and pointed out that the loans will be less than the value of (22) billion dinars and will be the prerogative of the Council adopting and implementing after briefing the Minister of Finance at the Council Meeting Minutes by law Taking the amounts in excess of the amount stated, the Board recommended to the Ministry of Finance procuring cabinet approval This allocation for its implementation.

He stressed that the initiative will be the signs of industrial space Altiv the event of a bank approvals on the projects submitted to the High Commission as well as we get the opening credit by the Central Bank of Iraq mechanism.

He said that the share of fistula Industrial Bank of the government program is one-third of the total amount of $ five trillion dinars.

He stressed that the priority of fistula loans will be granted to the industrialists who enjoy the new industrial reputation as well as possession of financial disclosure and reputations banking. Noting that the bank will does not include industrial defaulters to pay previous debts.

He noted that the interest rate for industrial initiative set at 4% 2% of them to be the central bank and 2% of the bank lender. / End / 22 /