Rasheed Bank: support for small projects to revitalize the national economy



06/6/2012 12: 00 am

200 billion dinars was allocated to the private sector

Baghdad-Al-fleih, Hyderabad

Director General Rasheed Bank hailed the importance of the role of SMEs in the development of the Iraqi economy and reduce unemployment and alleviate poverty rates in Iraq, pointing out that rational decided to give those wishing to establish small businesses loans of up to 20 million dinars and repayment three years, with the reality of Iraq seeks to develop investment projects and productive aspects of activation has confirmed General Manager bank financial amounts allocated rational to support the private sector amounted to 200 billion dinars,

Pointing out that those numbers will be of great value in case Iraq strategy projects implemented mission could be reflected positively on the reality of sustainable development in the country, stressing that the Bank stands ready to support such large projects, if implemented on the ground.

Khadhim nashor speaking for (morning): the broad powers granted Rasheed Bank branch managers scattered throughout Iraq to facilitate the granting of loans to set up small enterprises, these powers include allocating an amount not more than JD 20 million to implement projects industrial or commercial variety, adding that the Bank provided funds good can meet the demands of many wishing to establish investment projects, whether industrial or commercial and could fill need domestic market of materials and goods and are running the greatest possible Of the unemployed.

Nashor explained that most countries of the world are working tirelessly to strengthening and maximizing the role of SMEs, as it so it clearly is aware of the possibility and the role of these enterprises in revitalization of economic reality, therefore, Rasheed Bank and as special philosophy, it confirms that the diversity and plurality of small craft projects can be a factor strengthening economic reality in General, stating that large enterprises are the product of the activities of all small industries which can provide support to become later significant projects In the country's productive sphere.

Nashor drew to future plans to increase the Bank's capital, and arrange for the administrative structure, and use modern banking technologies in the global system, as well as seeking to move to a new building, the Bank will seek to build or use one of the buildings belonging to him, explaining that the mechanization of banking has become an essential factor, but there are some nashor point obstacles to the process of mechanization of the Bank, saying notably intersection some regulations and laws.

He noted that the Government constitute bulk deposits in Bank funds, so the transition to advanced banking systems should meet all the needs of depositors, and this still make all good workers to study this matter extensively in order to invest money Bank optimized especially and they are huge cash block.
The good works that nashor seriously and fruitfully with private banks and a number of customers in the countries of the world, indicating that the volume of cooperation with private banking sector is good as well as other senior correspondents in America and Europe providing privileged banking for good.

The Director General noted that net profit achieved by the good Bank last year exceeded 10 billion dinars, which is constantly gaining investment opportunities can increase capital at the same time meet the needs of many important productive sectors in the national economy, stressing that all economic sectors covered by its exclusive banking services of the Bank, particularly the public sector which works good lending numbers State companies, as well as support for private individuals and companies, stressing that the Bank deliberately To allocate $200 billion dinars to support this sector vitally important in stimulating the Iraqi economy in General.

And about the persistence of the Bank to grant advances to personnel and five million dinars, as well as his predecessor cent salary according to a rational nashor grants staff for such advances at the moment, however, reported what nashor economic balance Bank in collaboration with the Ministry to develop a plan to be mutations price in domestic markets after the coverage maximum staff one, pointing out that the public administration in the Rasheed Bank cautioned that some of the economic problems that can affect Iraqi reality generally particularly high prices and increased inflation rates, which called for the Bank to work calmly in granting such advances for fear of the consequences of economic scary by nashor which confirmed that the Bank ratings by stipulating that the volume covered by such advances from the Government officials should be no greater than 15 percent.