11 Iraqi banks agree to launch a specialized company to finance special projects (Al-Sharq al-Awsat)

[dinarella]

Eleven Iraqi banks, with the direct support from Iraqi Central Bank and the American Agency for Development, announced the establishment of the Iraqi company for loans that provides financial liquidity for those wishing to establish small projects....

Read the entire article at IraqiUpdates.com (http://www.iraqupdates.com/p_articles.php/article/11520)

Post your thoughts below

[inquisitive]

This is major forward progress on the development and modernizing
of the Iraqi banking system.

[Stout Hearted Man]

I keep telling my friends that real progress is being made every day, but because its not sensational it doesn't make Headlines.

When the dinar does moves up in value, THEN it will make the Headlines! :lmao:

[waiting_game]

I think this article is quite important. Unforunately the formatting on the page makes it a difficult read.



It aims at enhancing the obtainment of small, medium-sized and minor enterprises in Iraq on loans from private banks, in addition to supporting the use of modern practices of credit and international banking standards in granting loans to small and medium-sized enterprises.


This is good for the local economy and entreprenuers.



All of this is to support the continuing economic growth in Iraq, and especially the support and development of the private sector. Giving small and medium-sized enterprises this importance stems from the fact that they share the spirit of individual initiative; that is, starting a project by an individual to improve his standard of living.


:)



It should also be noted that these projects constitute a significant proportion of economic activity for many countries in the world, whether they were developing or developed.


Now here is where things get interesting...



The guarantee amounts differ according to the type of risks associated with them; they could reach 75% of the value of the original loan, which ranges from $ 5000 to $ 25000.



Is this amount in USD or Dinar?

A 25,000 USD loan (but exchanged to Dinar) would be enough to get a SB started. But, would they RV the Dinar after giving out loans to create economic activity? I don't think so. RV is now or a long time away...