Keywords: private banks can promote the transactions of small and medium-sized enterprises

Friday 10 July 2015
| 10:58

Qurtas News / Baghdad

Governor of the Central Bank revealed on the Keywords, about the possibility of promoting private banks transactions of small and medium enterprises loans, indicating that it is possible to increase the volume of loans if the results of what has been achieved good development.

Keywords and said for "Ply News", "The central bank has held several meetings with representatives and heads of private banks in cooperation with the Association of Banks in order to clarify and explain the controls of his initiative mechanism for financing small and medium enterprises, lending and recovery and distribution of ratios between all the productive sectors in the country for coverage of funding ".

Keywords and added that "the relevant committees in the bank worked dramatically simplify these procedures and support this initiative," pointing out that "private banks that can promote transactions for borrowers to give them the implementation of small and medium for the month of July current projects loans."

Keywords and said that "the central bank will compensate those loans granted by the bank concerned during the month following the granting of loans to be there smooth and speed in handling."

Keywords stressed that "the central bank will be watching closely the financing of such projects and disbursed as well as the way he would decide later increase the absolute size of the loan to banks amounting trillion dinars but after the results of those projects and the development of sectors operating in Iraq."

It should be noted that the central bank decided last May to issue instructions to contribute to the financing of small and medium enterprises in order to achieve economic and social development through the support of this project and run with outstanding skills the workforce, as the allocated amount (trillion dinars) for the purpose of lending to such projects through banks operating in Iraq and wishing to selling out this project.

This project targets or initiative sectors (agricultural, industrial, housing, commercial, health, educational and tourism services), as the Bank determines a higher ceiling for the loan granted to (50 million dinars), the recovery of 3 years for no more than with the possibility of extension for a period of one year with the consent of the governor of the bank Central, at an interest rate not to exceed 5.5 percent (interest rate that the bank met by no more than 4 percent rate, and the percentage collected by the guarantor of no more than 0.8 percent, while the proportion met by the central bank to not more than 0.7 percent).


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