The Economic and Investment Committee hosts managers of government banks and a representative of the Central Bank of Iraq

The Economic and Investment Committee hosts managers of government banks and a representative of the Central Bank of Iraq

02/14/202102/14/2021


 
In the presence of the First Deputy Speaker, Mr. Hassan Karim Al-Kaabi, the Economic and Investment Committee headed by Representative Ahmed Salim Al-Kinani and its members attended, on Sunday 2/14/2021, directors of government banks and a representative of the Central Bank of Iraq.


The meeting discussed the mechanism of banks ’work and the extent of their contribution to economic development, as well as the mechanism for implementing the Iraqi Central Bank’s initiative of five trillion dinars, which includes the sectors of industry, agriculture and housing, and directing them in a manner that serves the economic development of the country and sustains the movement of the economy.


The head of the Economic and Investment Committee confirmed that this initiative was launched by the Economic and Investment Committee more than four years ago and has drawn in detail the mechanism for industrial and agricultural development and the development of the investment sector, housing and other investments to bring about a qualitative leap in the development of small and medium enterprises and the employment of manpower, noting that the bureaucracy that governs institutions The state delayed this initiative, which made it lose a large part of its economic goals.


Al-Kinani added that the Economic and Investment Committee, through its legislative and supervisory work, believes that there is a weakness in the mechanism of implementing this initiative, especially in the industrial and agricultural side, which must be focused on as it is the main engine for all economic activities in the country.


Al-Kinani explained that the lack of financial allocations for this initiative in addition to the great complications of the required guarantees reduced the chances of success of the initiative within these two sectors, while we see that the initiative is directed towards housing loans and housing purchases, which revives speculators in small real estate and leads to competition for small real estate instead of moving towards building Housing that invigorates large sectors of the economy and employment of manpower.


Al-Kinani indicated that it was agreed to approach the Finance Committee to include in the general budget a paragraph concerning increasing the capital of government banks in a manner that qualifies these banks to carry out their economic and developmental tasks.


On the other hand, the meeting discussed ensuring a smooth flow of raw materials for factories inside Iraq to ensure the continuity of production and non-stoppage of production, and the guarantees required for industrial project loans, which must take into account the percentage of the loan from the required security for the property.




House of Representatives
Information
Department 2/14/2021








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