Working with 50 banks on the establishment of the Development and Investment Fund

Governor of Bank Central Ali Allaq Wednesday, confirmed that the central bank is working with 50 banks to set up development and investment fund for the granting of loans to citizens.

Allaq in an interview during the seminar, which held on “financing smaller projects” attended by ” Economy News “, that “the central bank’s working hard now with banks to set up development and investment fund through the development framework General Fund, which aims to revitalize the economy through the granting of loans to citizens as well as bring global companies”, referring to “50 banks will be involved the establishment of the fund and each bank shares with 10 million dollars for a period of four years to become the capital of the fund 2 billion dollars.”

He added that “no one else can find a way to stimulate the economy only from through smaller funding despite the problems existing in the environment of Iraq, which insists the central bank to overcome them”, adding that the “refusal of some banks to grant loans from within the initiative of one trillion dinars due to the armed and tribal threat which encountered when required banks 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 got a profit of 1%, they do not overdo”, noting that “agricultural and industrial bankers not giving loans to citizens because of the problems many have EXCLUDE from the initiative of the Central Bank during the current year.”


Economy News Agency

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