CBI announces an increase in the allocations of small and medium projects initiative

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CBI announces an increase in the allocations of small and medium projects initiative

 

His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghalib Mukheef, announced that the Central Bank increased the amount of its initiative to lend small and medium projects one trillion Dinar. The total amount of the initiative became two trillion Dinar.

His Excellency stated during his visit to several projects that funded through the initiative: "The central bank's lending initiatives have contributed to supporting the industry, agriculture, housing, and trade sectors, and have come to constitute nearly 30% of the total credit granted to the private sector, and have contributed an important percentage to the GDP.", noting that the Central Bank provides loans without interest but in return for an administrative commission only, and that the one trillion dinars initiative contributed to creating thousands of job opportunities and financing nearly three thousand housing units throughout Iraq, and its implementation rate has exceeded 90 %, which prompted us to increase its amount by an additional trillion dinars.

The Governor concluded his speech by saying: Monetary policies tools support the economy and overcome the financial crises that have afflicted the country. It is noteworthy that the Central Bank launched several lending projects, including the initiative to finance small and medium projects and big projects (a five trillion Iraqi dinars initiative) to fund specialized banks. As well as three trillion dinars to support the real estate sector, and finally, the clean energy financing initiative with an amount of one trillion dinars, bringing the total amounts allocated to development initiatives to more than fifteen trillion Iraqi dinars.

 

Central Bank of Iraq

Media Office

16 January, 2022