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US, German banks willing to loan Iraqi Kurdistan, once bill signed
6/10/2015
ERBIL-Hewler, Kurdistan region ‘Iraq’,— International banks will be able to lend to the Kurdistan Regional Government (KRG), once a bill is signed into law by the Kurdistan Region President. A source from the KRG, speaking on condition of anonymity, told Basnews that a German and an American bank have expressed interest in lending to Erbil if it proves its ability to repay the loan and interest.
The Kurdistan Region Parliament recently passed a bill which allows borrowing from international banks. Kurdistan President Barzani will approve the bill soon.
Member of the Kurdistan Parliament Bayar Duski confirmed the report. He said that the bill will permit the KRG to borrow a maximum of $5 billion from international banks. “The interest must be less than 8%,” he said.
Duski added, “The bill will enable the KRG to borrow from any international bank or governments; however, the German Federal Bank has stepped up to lend to the KRG while we wait for the bill to pass.”
Kurdistan – Baghdad disputes over oil and the budget, the fight against Islamic State and the flow of the refugees and IDPs from Syria and Iraq have contributed to the KRG’s economic crisis.
Massoud Barzani and his relatives reportedly control a large number of commercial enterprises in Kurdistan, with a gross value of several billion US dollars. The family is routinely accused of corruption and nepotism by Kurdish media as well as international observers. According to analysts one of the most sensitive subjects is the Barzanis’ involvement in the economy of Kurdistan Region.
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6/10/2015
ERBIL-Hewler, Kurdistan region ‘Iraq’,— International banks will be able to lend to the Kurdistan Regional Government (KRG), once a bill is signed into law by the Kurdistan Region President. A source from the KRG, speaking on condition of anonymity, told Basnews that a German and an American bank have expressed interest in lending to Erbil if it proves its ability to repay the loan and interest.
The Kurdistan Region Parliament recently passed a bill which allows borrowing from international banks. Kurdistan President Barzani will approve the bill soon.
Member of the Kurdistan Parliament Bayar Duski confirmed the report. He said that the bill will permit the KRG to borrow a maximum of $5 billion from international banks. “The interest must be less than 8%,” he said.
Duski added, “The bill will enable the KRG to borrow from any international bank or governments; however, the German Federal Bank has stepped up to lend to the KRG while we wait for the bill to pass.”
Kurdistan – Baghdad disputes over oil and the budget, the fight against Islamic State and the flow of the refugees and IDPs from Syria and Iraq have contributed to the KRG’s economic crisis.
Massoud Barzani and his relatives reportedly control a large number of commercial enterprises in Kurdistan, with a gross value of several billion US dollars. The family is routinely accused of corruption and nepotism by Kurdish media as well as international observers. According to analysts one of the most sensitive subjects is the Barzanis’ involvement in the economy of Kurdistan Region.
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