Trade Bank of Iraq: Ready to support and finance any investment project to support private sector

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Expressed the Trade Bank of Iraq and his willingness to support the financing of any project integrated to the private sector is based on a sound basis in terms of rules and conditions that apply for the available investment process in Iraq in exchange for the possession of the private sector guarantees to cover the funding.

Announced in an exclusive interview for “economic morning,” Director General of Trade Bank of Iraq Hamdiya Mahmoud Faraj dry, said a review of investment projects implemented by private sector funding from the bank, the Bank has funded a project to build the American University in Sulaimaniya, where lent the private sector $ 20 million and for a long time and in stages where the first phase loan was $ 5 million.

And revealed that the bank has financed the implementation of the company’s own power stations in the Kurdistan region, as well as a project of iron and steel plant in Basra, which was carried out by one of the Iraqi private sector companies.

And alluded to other projects to build housing complexes in the provinces of Babil and Wasit to the Rusafa water project and the Army Canal Project and the city of games and entertainment complexes comparable to what exists in the world.

And on the question about the mechanics of lending to the private sector for implementation of investment projects showed that the dry study of the feasibility of the proposed project implemented by the private sector is one of the most important factors that should be available on the project to be guaranteed money and can repay the loan later in accordance with agreed terms.

Solvency

When applying for building scientific edifice is important in the province of Sulaymaniyah and found the conditions that the applicant company to invest in such a project is vital and important has a good reputation and a sheet financial able to pay the installments of the loan as well as the project is a feasibility can achieve profits of the company and this principle is known that the bank takes into account interest and profitability.

On this basis, the bank has opened up to all the provinces and one of the reasons for encouraging openness to Kurdistan is stable and there is the security factor.

She pointed to the prospects of work of the bank and other activities by saying that the bank is now preparing to open new branches in and outside the country to expand the provision of advanced banking services.

The intention is to open a branch in Lebanon and another in Turkey and that the presence of extensive commercial dealings with the Turkish private sector.

I would like to point out here to be directed towards the Iraqi market, the bank aims to support all the economic sectors, including private banks through bank credits that can be the way that the development of the economy.

She reiterated that the bank is ready to support any investment project to achieve the desired goals in support of development programs and the promotion of investment and building the right way. With regard to the support of private banks, the bank raise the amount of the appropriation to $ 4 million up to a maximum of appropriation big is the competence of the bank Caldoaْah and health. Referring to the banks that receive support to assess their performance by the Central Bank of Iraq.

The desired role of the heuristic

She said the Central Bank of Iraq is the role of control and this positive sign, but I find it is necessary that the role of guidance and direction and the wrong diagnosis is not punitive but rather for the purpose of diagnosis for the purpose of routing.

Government bank

And on the question of subordination of the bank showed that the bank Hamdiya dry basis in the CPA and have been a follower, according to law, the bank became Aaْdath to the cabinet, a government bank.

And the Ministry of Finance an active role in the follow-up activities of the bank and to provide advice and counsel, referring to support full and finance minister of the bank and its activities.

The secret of success for the link to the bank of the Cabinet

A study of disengagement, the Bank of the General Secretariat of the Council of Ministers and to link the bank with the Minister of Finance exclusively because of the specificity of the bank I find the need to keep the bank in this partial freedom to deal or not restricted, and its association with the Council of Ministers is one of the reasons for its success and any other engagement to be running on the bank.

Investment Authority has not invested so far

And on the question of the possibility of the bank’s support and financing of investment projects identified by the National Investment Commission said let me show you something ..

Our relationship with the good and we had more than one meeting with them and there are projects with the Authority, but is under study and there is an exchange of views, but so far not being implemented any project and we are prepared upon request and after a feasibility study.

And other activities revealed the intention of the dry bank and supporting orphanages in Baghdad and the provinces and the bank will support the sports sector and Zora Club in particular.

She concluded by referring to the need for clarity of approach and economic programs in proportion to what came in the Constitution and this stage requires the growth of the private sector and give it effective role in the construction and investment.

Referring to the loss of a lot of money on projects that have not seen the light of the huge amounts of money account numbers are either in fact we did not find anything noteworthy on the ground but the situation is even worse, which rely upon uncertain ready bank support and private sector financing to take its role in the construction and development.

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