The Iraqi Private Banks Association announced today, Sunday, that banks have loaned 9,000 small and medium projects as part of the Iraqi Central Bank's financing initiative.
The economic and banking advisor to the Banks Association, Samir al-Nasiri, said in a statement to the Iraqi News Agency (INA), that "private banks were able to lend about 9,000 small and medium projects," indicating that "these projects are agricultural, industrial, commercial, service and housing."
He added, "The total project lending exceeded 443 billion dinars through 42 private banks, in addition to allocating one billion dinars loans for every major project that contributes to development." Noting that "this initiative had an effective impact in revitalizing the economic cycle and creating job opportunities for young people."
Al-Nusiri also confirmed, "About 17,000 unemployed people have been employed within the Central Bank of Iraq initiative for financing, for which six trillion dinars have been allocated, distributed by one trillion to private banks, and five trillion to specialized government banks," noting that "the Central Bank launched a new initiative to lend the local employees their salaries an amount "15 million dinars without a guarantor, without interest, and a 4% fixed commission for one time only. He also issued new instructions to reduce all the benefits of housing loans and small and medium enterprises, in a method of diminishing interest, for the purpose of supporting these projects.