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Agreement on the application of the Central Bank for Development Project
1/7/2015 0:00
At a meeting of the board of advisers attended {morning}
BAGHDAD - Farah pumice
resulted in a meeting of the advisers in the Cabinet for agreement provides for the application of the Central Bank-funded project for small and medium enterprises after placing rules and regulations implemented in the nearest time to achieve the desired goal of it in accordance with the government program and orientations aimed to shift to a market economy.
The meeting discussed, which was held in the presence of economic advisers to the prime minister and representatives of the Central Bank of Finance and the ministries of planning, in addition to the Organizations Department at the General Secretariat of the Council of Ministers and the Association of Banks and the Forum of Baghdad, the economic and the Iraqi Council of business, as well as finance companies and guarantees private and private banks, are Detailed and extensive - the project put forward by the central bank recently.
He said economic affairs adviser d. Abdul Hussein Al-Anbuge, who ran a session meeting in the presence of the "morning": "For the first time since the change in 2003, turning the central bank to support the development in Iraq after it was Mtnsla for this task and brief course in being a stability of the bank does not Development Bank, especially as the development capable of creating sustainable stability, and so the new orientations to respond to the need of real Iraqi economy. "
He said Anbuge support and the support of the government for this directed the project towards the areas belonging to the real sectors, which leads the development without setting a specific percentage of lending to any sector, in order to have the opportunity for the sector which has the potential for absorbing investment is greater than other to grow and expand.
However, the chancellor stressed the need to restrict the commercial sector increased by not more than 5 percent to ensure that no over-financing of this sector, which is a fast and attractive for investors yields, leading to more imports and promote the phenomenon of the rentier economy.
He suggested Anbuge some amendments the most important project: to prepare a new version of the deduction of interest after repayment of each batch of the borrower, rather than deducted in advance, and increase the amount of the loan ceiling to a hundred million dinars to encourage borrowers of medium entrepreneurs, as well as to extend the payback period to five years in the sectors of housing, industrial, Besides issuing instructions define the mechanisms of oversight committees, and determine the monthly financial allocations to them, to ensure the safety procedures oversight.
The project aims to achieve economic and social development with the support of small and medium enterprises and operation of skilled manpower, the central bank has been allocated in the Instructions No. (7) for the year 2015 the sum of (1) trillion dinars to lend this type of project target sectors: agricultural, industrial, housing, commercial, health, educational and tourism services, rate of interest does not exceed 5.5, a comprehensive percent of all the provinces.
For his part, supported the Economic Adviser to the Prime Minister Dr. The appearance of Mohammed Saleh, the central bank initiative, which counted as "good step", to enter a motivational program towards economic development to support and move the work of the private sector.
The central bank in Article (5) of the resolution of the loan ceiling to 50 million dinars, provided the recovery period should not exceed for three years, and may be extended for one year with the consent of the governor of the bank if it is proved the existence of force majeure.
As the Director-General of the issue at the central bank Ahsan Yasiri, that the selected loan ceiling of 50 million dinars very rewarding and the duration of 3 years to stimulate production, returned to the central initiative likely that funded 100 000 project, especially that aimed at small businesses and Almtosth.vi while, Chairman of the Investment Development and Reconstruction Center Iraqi Ibrahim Baghdadi stressed the development of standards and stringent controls in the granting of loans to deserving citizens slice in the sectors identified by the initiative.
For its part, urged d. Returning Nuri Associate Director-General in the Ministry of Planning and the need to identify sectoral activities servings of loans and their compatibility with development plans, stressing at the same time put an electronic program to follow up on loan payments for a group of projects, and monitor the movement of capital by connecting all lenders Central Bank.
As seen Managing Director of the Iraqi Company for Bank Guarantees Rula good, that guarantees and corporate guarantor is an integrated unit of the process of this initiative, especially since her company intends to submit a proposal for the work of a genuine partnership with the Central Bank in the field of this program, proposed by Baghdad forum Amer Jeweler formation of the National Development Fund to be a phenomenon Funds current initiatives, along with the involvement of the private sector in the development of standards and mechanisms to ensure the success of this important project.
In a related context praised the Executive Director of the Association of Iraqi private banks Ali Tariq on the central bank's move in support of moving the wheel of the Iraqi economy, especially the small and medium enterprises is a gateway to the development process Economic sought by the country, noting that the special mechanism lending instructions were issued in record time, what is a "positive thing", as well as cooperation shown by the private banks involved helps greatly to the success of this experiment, especially as it is monitored by joint committees to ensure the smooth flow of funds direction right that achieves economic feasibility.
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1/7/2015 0:00
At a meeting of the board of advisers attended {morning}
BAGHDAD - Farah pumice
resulted in a meeting of the advisers in the Cabinet for agreement provides for the application of the Central Bank-funded project for small and medium enterprises after placing rules and regulations implemented in the nearest time to achieve the desired goal of it in accordance with the government program and orientations aimed to shift to a market economy.
The meeting discussed, which was held in the presence of economic advisers to the prime minister and representatives of the Central Bank of Finance and the ministries of planning, in addition to the Organizations Department at the General Secretariat of the Council of Ministers and the Association of Banks and the Forum of Baghdad, the economic and the Iraqi Council of business, as well as finance companies and guarantees private and private banks, are Detailed and extensive - the project put forward by the central bank recently.
He said economic affairs adviser d. Abdul Hussein Al-Anbuge, who ran a session meeting in the presence of the "morning": "For the first time since the change in 2003, turning the central bank to support the development in Iraq after it was Mtnsla for this task and brief course in being a stability of the bank does not Development Bank, especially as the development capable of creating sustainable stability, and so the new orientations to respond to the need of real Iraqi economy. "
He said Anbuge support and the support of the government for this directed the project towards the areas belonging to the real sectors, which leads the development without setting a specific percentage of lending to any sector, in order to have the opportunity for the sector which has the potential for absorbing investment is greater than other to grow and expand.
However, the chancellor stressed the need to restrict the commercial sector increased by not more than 5 percent to ensure that no over-financing of this sector, which is a fast and attractive for investors yields, leading to more imports and promote the phenomenon of the rentier economy.
He suggested Anbuge some amendments the most important project: to prepare a new version of the deduction of interest after repayment of each batch of the borrower, rather than deducted in advance, and increase the amount of the loan ceiling to a hundred million dinars to encourage borrowers of medium entrepreneurs, as well as to extend the payback period to five years in the sectors of housing, industrial, Besides issuing instructions define the mechanisms of oversight committees, and determine the monthly financial allocations to them, to ensure the safety procedures oversight.
The project aims to achieve economic and social development with the support of small and medium enterprises and operation of skilled manpower, the central bank has been allocated in the Instructions No. (7) for the year 2015 the sum of (1) trillion dinars to lend this type of project target sectors: agricultural, industrial, housing, commercial, health, educational and tourism services, rate of interest does not exceed 5.5, a comprehensive percent of all the provinces.
For his part, supported the Economic Adviser to the Prime Minister Dr. The appearance of Mohammed Saleh, the central bank initiative, which counted as "good step", to enter a motivational program towards economic development to support and move the work of the private sector.
The central bank in Article (5) of the resolution of the loan ceiling to 50 million dinars, provided the recovery period should not exceed for three years, and may be extended for one year with the consent of the governor of the bank if it is proved the existence of force majeure.
As the Director-General of the issue at the central bank Ahsan Yasiri, that the selected loan ceiling of 50 million dinars very rewarding and the duration of 3 years to stimulate production, returned to the central initiative likely that funded 100 000 project, especially that aimed at small businesses and Almtosth.vi while, Chairman of the Investment Development and Reconstruction Center Iraqi Ibrahim Baghdadi stressed the development of standards and stringent controls in the granting of loans to deserving citizens slice in the sectors identified by the initiative.
For its part, urged d. Returning Nuri Associate Director-General in the Ministry of Planning and the need to identify sectoral activities servings of loans and their compatibility with development plans, stressing at the same time put an electronic program to follow up on loan payments for a group of projects, and monitor the movement of capital by connecting all lenders Central Bank.
As seen Managing Director of the Iraqi Company for Bank Guarantees Rula good, that guarantees and corporate guarantor is an integrated unit of the process of this initiative, especially since her company intends to submit a proposal for the work of a genuine partnership with the Central Bank in the field of this program, proposed by Baghdad forum Amer Jeweler formation of the National Development Fund to be a phenomenon Funds current initiatives, along with the involvement of the private sector in the development of standards and mechanisms to ensure the success of this important project.
In a related context praised the Executive Director of the Association of Iraqi private banks Ali Tariq on the central bank's move in support of moving the wheel of the Iraqi economy, especially the small and medium enterprises is a gateway to the development process Economic sought by the country, noting that the special mechanism lending instructions were issued in record time, what is a "positive thing", as well as cooperation shown by the private banks involved helps greatly to the success of this experiment, especially as it is monitored by joint committees to ensure the smooth flow of funds direction right that achieves economic feasibility.
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