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Director-General of Trade Bank of Iraq «morning»:
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10/08/2011
Ready to support and finance any investment project, an integrated implemented by the private sector
of Baghdad - Yasser incumbent
expressed the Trade Bank of Iraq readiness support and funding of any integrated project to the private sector is based on a sound basis in terms of rules and conditions are available that apply to the investment process in Iraq in exchange for the possession of the private sector guarantees cover financing .
said in an exclusive interview for "cost-morning," Director-General of Trade Bank of Iraq Hamdiya Mahmoud Faraj dry, said a review of investment projects implemented by private sector funding from the bank, the Bank has funded a project to build the American University in Sulaimaniya, where lent the private sector $ 20 million dollars and for a long time and in stages, reaching a loan the first phase of $ 5 million.
and revealed that the bank has financed the company for the implementation of power plants in the province of Kurdistan as well as the project plant iron and steel in Basra, which was carried out by a subsidiary of the Iraqi private sector.
and alluded to other projects for building complexes housing in the provinces of Babil and Wasit to the Rusafa water project and the project channel army and the city of games and leisure complexes that match what is in the world.
And on the question about the mechanics of lending to the private sector for the implementation of investment projects, said dry to study the feasibility of the proposed project implemented by the private sector is one of the most important factors should be available to be project funds are guaranteed and can repay the loan later in accordance with agreed terms.
solvency
when applying for building scientific edifice is important in the province of Sulaymaniyah and found the conditions that the applicant company to invest in such a project is vital and important has a good reputation and a sheet financial able to pay premiums loan, as well as the project of a feasibility can achieve profits of the company and this principle is known that the bank takes into consideration the interests and profitability.
and on this basis has opened up the bank on all the districts and one of the reasons that encourage openness to the boom is a security factor of stable there.
and pointed to the prospects of the work of the Bank and its activities the other saying that the Bank is currently preparing to open new branches in and outside the country to expand the provision of advanced banking services. The intention is to open a branch in Lebanon and another in Turkey and that the presence of commercial dealings and wide with the private Turkish private sector.
I would like to point out here that the approach the bank about the Iraqi market is designed to support all the economic sectors, including private banks through bank credits the way that could develop economy.
and reiterated that the bank is ready to support any investment project to achieve the desired goals in support of development programs and the promotion of investment and building the right way. With regard to the support of private banks, the bank raised the amount of funds to $ 4 million up to a maximum of appropriation big is the competence of the bank Caldoaúah and health. Referring to the support of the banks that you get to assess their performance by the Central Bank of Iraq.
to be the role of heuristic
and said the Iraqi Central Bank acts as the control and the positive sign, but I find it is necessary to play the role of guidance and advice and diagnosis of error is not for the purpose of punitive but diagnosis for the purpose of routing.
Bank government
And on the question of subordination of the bank showed that the bank Hamdiya dry basis in the CPA and have been a follower, according to law, the bank became Aaúdath to the cabinet, a government bank. And the Ministry of Finance an active role in the follow-up activities of the bank and to provide advice and counsel, referring to support the Minister of Finance, full of the bank and its activities.
the secret of success for the link to the bank of the Cabinet
and a study to disengage the bank of the General Secretariat of the Council of Ministers and to link the bank with the Minister of Finance exclusively because of the specificity of the bank I find the need to keep the bank this partial freedom to deal or not restricted, and its association with the Council of Ministers is one of the reasons for its success and any other engagement to be running on the bank.
Investment Authority has not invested so far
and on the question of the possibility of Bank support and financing of investment projects identified by the National Investment Commission said let me show you something .. Our relationship with the good and we had more than one meeting with them and there are projects with the Authority, but is under study and there is an exchange of views, but so far not being implemented any project and we are prepared upon request and after a feasibility study.
and other activities revealed dry the intention of the bank and supporting orphanages in Baghdad and governorates, as the bank will support the sports sector and Club Zora specifically.
She concluded by referring to the need for clarity of economics course and programs in line with what came in the Constitution and this stage requires the growth of the private sector and give it effective role in the construction and investment.
referring to the loss of a lot of money on projects that have not seen the light of It calculates the sums of money figures either, in fact, we did not find anything noteworthy on the ground but the situation is even worse, who are counting on him saying the bank is ready to support and finance the private sector to take its role in the construction and development.
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