Central Bank Of Iraq To Further Support Industry
Date
1/28/2025 2:12:31 PM
(MENAFN- Brazil-Arab News Agency (ANBA))
São Paulo – The Governor of the Central bank of Iraq , Ali Mohsen Al-Alaq, said on Tuesday (28) the institution will launch a financing program for the local industry. The announcement was made during the Iraq energy conference held in capital Baghdad.
According to Al-Alaq, the financing will be provided through a partnership with two state-owned banks, the Trade Bank and the Industrial Bank. The initiative aims to increase the industry's participation in the Iraqi economy.
“The initiatives undertaken by the Central Bank represent tools to move the wheel of development and enhance economic stimulus. They are unconventional policies aimed at supporting the overall economy,” said Al-Alaq, while pointing out that financial stability is no less important than political and security stability.
According to information from the Central Bank of Iraq, since 2016 IQD 13 trillion (equivalent to USD 9.9 billion) have been allocated to real estate projects and small and medium-sized businesses in the country. Another IQD 1 trillion (USD 762.7 million) have been allocated to investments in solar energy.
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Translated by Guilherme Miranda
Reproduction/Facebook
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