Central Bank: We are working with 50 banks to establish the Development and Investment Fund

Central Bank Governor Ali al-Alaq said on Wednesday that the Central Bank is working with 50 banks to set up the Development and Investment Fund to grant loans to citizens.

Al-Aalak said during a seminar held by the Central Bank on "Microfinance Projects" that "the Central Bank is currently working strongly with the banks to establish the Fund for Development and Investment by setting the general framework of the Fund, which aims to stimulate the economy by granting loans to citizens, "Noting that" 50 banks will participate in the establishment of the Fund and each bank involved 10 million dollars and for four years to become a capital of the Fund $ 2 billion. "

He explained that "we can not find another way to stimulate the economy only through microfinance despite the problems in the Iraqi environment, which the central bank insists on overcoming," explaining that "the refusal of some banks to grant loans within the initiative of one trillion dinars due to armed and tribal threats Which they meet when banks are asked to return the money. "

He stressed that "the bank gets a profit of 4% within the initiative of one trillion dinars, while banks in other countries if you get a profit of 1%, it does not exaggerate," noting that "agricultural and industrial bankers did not give loans to citizens because of many problems may be excluded from the initiative of the bank Central Bank during the current year. "

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