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Director General of Industrial Bank: Commodity dumping has caused the demand for non-
<BLOCKQUOTE class="postcontent restore">June 3 2011
The Director General of BADEA industrial Mohamed Abdel Wahab, ensured the importance of adopting economic policies that entitle the productive sectors, especially the industrial sector, which suffers a large decline for decades.
Abdul Wahab said: "The Industrial Bank has a loan scheme works whereby to provide financial funding for small and medium enterprises, thus contributing to find outlets for the exit of the problems experienced by the industrial sector, and invest the money allocated by the Bank in moving the production process in all industrial projects
.. He noted that the committees economic in the bank is considering the proposed project financing in terms of economic feasibility, where is the follow-up projects since the beginning to the construction, leading to the achievement, pointing out to provide additional loans for the project in case you need to finance another project is complete and this is where many of the facilities of the industrial Iraqi. Bank is also working to reduce interest rates in the event of confusion in the process of reimbursement rates ranging from 25-50 percent of the value of interest.
He added that the obstacles to the work of the bank were not financial as much attached to new industrial projects , whereas the bank capital is estimated at (27) billion dinars in the current year plan, but the demand for borrowing is limited did not reach the level of ambition, and when you search for reasons and found that the Iraqi industrial rejects the idea of a project because of the lack of economic feasibility of the products adopted by any of the projects that is unique to the industry of Iraq.
Because of the invasion importer of foreign and local markets and how it impacts negatively on the local product which is characterized by its inability to compete in this case, which will make it go another direction other than production.
He noted that the financial sector needs to restructure, especially State-owned banks, and the adoption of systems developed under the supervision of specialized committees of the Office of Financial Supervision and the Central Bank of Iraq, in order to keep pace with scientific developments witnessed by the global banking industry, because the banks today operate under the laws of lag is able to provide services advanced stage and the next stage of investment and large companies that can attract a global heads of big money, desperately need to be developed banking system that meets the needs of this company.
He continued by saying: that the loans provided by the bank to small and medium enterprises represent an important stage, at a time when countries are large industrial rely on such projects in the development of its economy, and today the bank is providing loans of up to (15) million for small projects economically viable, as well as no loans for the purchase of industrial equipment and various origins of internationally certified project after a study by the Economic Committee in the bank and the industrial entrepreneur.
He said the industrial sector need to support multiple views to achieve the integration leads to economic growth, starting from the activation of the laws protecting local products, and adoption of the laws of customs tariff, and to provide facilities Legislature, which provides a favorable environment for people wishing to enter the field, Iraqi investment, particularly that Iraq has industrial experience large is able to manage the largest industrial projects and maintaining them.
Abdul Wahab also said: that the bank has (
branches and adopt a plan for the expansion of horizontal cover all the provinces, where there are banks under construction and another planned in the future.
He concluded that the bank has a contribution in (27) mixed sector company, provides them with loans and contribute to the capital and serves to promote these companies.
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<BLOCKQUOTE class="postcontent restore">June 3 2011
The Director General of BADEA industrial Mohamed Abdel Wahab, ensured the importance of adopting economic policies that entitle the productive sectors, especially the industrial sector, which suffers a large decline for decades.
Abdul Wahab said: "The Industrial Bank has a loan scheme works whereby to provide financial funding for small and medium enterprises, thus contributing to find outlets for the exit of the problems experienced by the industrial sector, and invest the money allocated by the Bank in moving the production process in all industrial projects
.. He noted that the committees economic in the bank is considering the proposed project financing in terms of economic feasibility, where is the follow-up projects since the beginning to the construction, leading to the achievement, pointing out to provide additional loans for the project in case you need to finance another project is complete and this is where many of the facilities of the industrial Iraqi. Bank is also working to reduce interest rates in the event of confusion in the process of reimbursement rates ranging from 25-50 percent of the value of interest.
He added that the obstacles to the work of the bank were not financial as much attached to new industrial projects , whereas the bank capital is estimated at (27) billion dinars in the current year plan, but the demand for borrowing is limited did not reach the level of ambition, and when you search for reasons and found that the Iraqi industrial rejects the idea of a project because of the lack of economic feasibility of the products adopted by any of the projects that is unique to the industry of Iraq.
Because of the invasion importer of foreign and local markets and how it impacts negatively on the local product which is characterized by its inability to compete in this case, which will make it go another direction other than production.
He noted that the financial sector needs to restructure, especially State-owned banks, and the adoption of systems developed under the supervision of specialized committees of the Office of Financial Supervision and the Central Bank of Iraq, in order to keep pace with scientific developments witnessed by the global banking industry, because the banks today operate under the laws of lag is able to provide services advanced stage and the next stage of investment and large companies that can attract a global heads of big money, desperately need to be developed banking system that meets the needs of this company.
He continued by saying: that the loans provided by the bank to small and medium enterprises represent an important stage, at a time when countries are large industrial rely on such projects in the development of its economy, and today the bank is providing loans of up to (15) million for small projects economically viable, as well as no loans for the purchase of industrial equipment and various origins of internationally certified project after a study by the Economic Committee in the bank and the industrial entrepreneur.
He said the industrial sector need to support multiple views to achieve the integration leads to economic growth, starting from the activation of the laws protecting local products, and adoption of the laws of customs tariff, and to provide facilities Legislature, which provides a favorable environment for people wishing to enter the field, Iraqi investment, particularly that Iraq has industrial experience large is able to manage the largest industrial projects and maintaining them.
Abdul Wahab also said: that the bank has (
branches and adopt a plan for the expansion of horizontal cover all the provinces, where there are banks under construction and another planned in the future.He concluded that the bank has a contribution in (27) mixed sector company, provides them with loans and contribute to the capital and serves to promote these companies.
[You must be registered and logged in to see this link.]
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