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Call for the adoption of new mechanisms for lending to investment projects
05/05/2012 0:00
Because it is an important step in the economic development
BAGHDAD - Hussein Tgb Tamimi
provide financial cover for investment projects has been the most prominent elements of economic development in all sectors of production and service, here is the responsibility of banks to find mechanisms supportive of the project work, including the Trade Bank of Iraq, which has the potential to enable it to discharge economist Local When you create formulas cooperation studied with the private sector, which is the focus of economic work during the current stage.
Director General of Trade Bank of Iraq Hamdiya Dry told (morning) that the bank is considering building systems in support of the Iraqi economy, especially after the move toward a market economy has become the private sector is important aspect of economic development, and noted that the bank had started recovering gradually, adding that the bank targets a future number of the most important expansion of a map of the bank in a vertical by increasing the number of bank branches, added to the financing of large projects that exceed their capital more than (100) million and the reduction interest rates on them as appropriate to the service of economic submission to the country, as is being considered to reduce costs to the investor to contribute in creating an investment environment attractive to international capital.
while stressing the relevant affairs of the investment Ala Zebra importance of the Trade Bank of Iraq in the economic and commercial, because the bank only, which can dealing with the outside world without restriction, which requires him to stand at the requirements of economic action and what can be provided in the process of economic development that was sought by the country.
calling to be the work of the bank, which has wide powers more flexible in dealings with customers, and this comes from the identification of control on the work of the bank and to Ataatadd and cause upheaval in the banking, pointing to the private sector, which represents the backbone of the Iraqi economy need the services of Iraqi banks, including the Trade Bank of Iraq, because he Aktherthrra in international transactions and has the service of the private sector, noting that all banks could help the sector private and does this trend of development and contains most of the economic problems that afflict the country, and helps to promote industrial and agricultural production in general and creates a strong economy together contain all unemployed experiences and competencies. He pointed to the importance of the trend towards young brains in the management of joint economic, especially in the field of banking, requiring it to create efficiencies young well-trained on the best banking systems the world in order to provide excellent services and as soon as possible to what is required of the Iraqi economy in the coming period.
and returned dry to say that work to restore previous loans and bad is the most important our step for the next phase and that the bank is seeking through the legal steps to recover the largest amount of this debt within and outside the country, and pointed to return more than (680) million in bad debts during the previous period, calling for all borrowers who did not begin to repay discharged amounts to review the Bank and agree on a formula to pay appropriate and legal.
either Zebra has pointed out that the verse lending financial provided by the Trade Bank of Iraq to the investor needs to be reviewed because the lending to the project after 60 percent of the implementation is not commensurate with the ambitious investor who comes a lot of incentives and economic growth in all sectors of production and service.
called on the government to look to the private sector and provide the elements of business success in various fields, and provide loans for project success, and here must respond from the experiences of the world that relied on the private sector in economic development . Calling for the creation of a new class of employees have a culture of investment can handle the orientation of the Iraqi economy during the next phase.
He explained that most of the investment companies have a bank a more active role in activation of economic sectors, especially the government bank receives all government deposits and banking only, which provides mechanisms to handle external financial It is a microcosm of the Central Bank of Iraq and the formation in an attempt to bypass the determinants of bank VII imposed on the Iraqi banks which had branches in most countries of the world for the conduct of business and international, calling on his administration to study the reality of promoting banking services that must be made to the overall economic, sector Trade in dire need of high flow in the type of financial transactions provided to the public traders. Also, the investment process needs to finance projects, stressing that this matter must be reviewed by thoroughly before running the bank, and so they can be the adoption of a mechanism to serve the investment process in Iraq and that the services and banking facilities provided by the bank, a member of the investment environment attractive and that was sought since period of time.
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