Cabinet approves Iraq's accession to the Asian Investment Bank

BAGHDAD / long-Presse

Iraqi National Business Council revealed, on Tuesday, for the approval of the Council of Ministers on a proposal on Iraq's accession to the Asian Investment Bank
, pointing out that Prime Minister Haider al-Abadi face of the concerned authorities to monitor this issue, while the Central Bank of Iraq, announced the launch of loan amounts medium and small enterprises by Iraqi private banks early next month of July.

The head of the Council of David Abdul Zaire in an interview to the (long-Presse), "The Council has already lifted a proposal to the Iraqi Council of Ministers asking them to need for Iraq to join the Asian Investment Bank to bear the financial and economic benefits will return to Iraq in the event of joining."
Zaire and added that "the Prime Minister Haider al-Abadi agreed to the project and the authorities concerned to follow-up and communication and the creation of mechanisms and programs through which the possible joining of Iraq."

The Iraqi Council of National Business feet (12 May 2015), the Council of Ministers of Iraq's accession to the "Asian Investment Bank," while the expected accession of Iraq to the bank provides services and quality investment opportunities.

In domestic economic affairs of the Central Bank of Iraq, it announced on Tuesday the launch of loan amounts medium and small enterprises by the Iraqi private banks early next month of July, and pointed out that the loan amounts will reach up to 50 million dinars, as he emphasized that banks benefit will not exceed 5.5% .

The governor of the Central Bank on the Keywords in an interview to the (long-Presse), "The central bank's decision to allocate trillion dinars to the private banks and directed to establish medium and small projects will begin early next month (July),"noting that the goal of these projects is to achieve economic development and social and support small and medium-sized economic projects and run with outstanding skills the workforce. "
Keywords and added that "the amounts to be allocated to projects in target sectors (industrial, agricultural, housing, commercial, educational, health, tourism)," pointing out that "all Iraqi private banks covered by this decision for those who wish to work out."

Keywords and pointed out that "banks will lend to citizens who wish to obtain a loan for the project and when given him the that the bank introduced the monthly lists of the amounts lent to allow the central bank by providing those amounts according to the benefits is subject to it by the parties mechanisms (central bank and private banks)."

Keywords and stressed that "citizens can in any province in Iraq borrow sums amounting to 50 million dinars and that recovery on a three-year period not exceeding, but for the benefit of, the bank decided that the interest rate borne by the borrower on the 5.5% rate of not more than."

For his part, President of the Association of private banks and depositary Handal said in an interview to the (long-Presse), said that "those loans constitute a great service to the country's economy being will absorb a large part of unemployment as well as they would move local Iraqi productive sectors not to mention the support of the Iraqi market."

Handal said that "the Bank's initiative will enhance confidence between the citizen and the private banks and make bridges of confidence there is a long and a work in progress among the branches of the banks and their clients from the citizens."

The Central Bank of Iraq, announced on Tuesday (June 19, 2015), the launch trillion dinars for private banks to finance small and medium enterprises loans, and increase the share of dollar sales for banking companies and foreign transfers, pointed out the development of measures to to address the lack of liquidity in some banks.