The Industrial Bank of Iraq launches two initiatives to grant loans of 20 billion dinars

by **claud39** Wed Jun 30, 2021 10:31 am

The Industrial Bank of Iraq launches two initiatives to grant loans of 20 billion dinars

June 30, 2021

The Industrial Bank of Iraq launches two initiatives to grant loans of 20 billion dinars 1024

Mubasher: The Industrial Bank of Iraq announced the launch of two initiatives to grant loans, with a ceiling of up to 20 billion dinars as a maximum.

The Director of the Industrial Bank, Bilal Sabah, said in a statement to the bank today, Wednesday, that “the bank has two initiatives within the documentary credits,” noting that “the first initiative relates to the central bank and interest at 3% for a period of 15 years, and three years of grace and production guarantees itself by 80% in addition to 20% A real estate guarantee, as the bank works in it.

He added, "The other initiative is given 250 million in cash, and we hope it will rise to one billion, which is related to projects that need raw materials and do not need to import a production line, and their benefit will decrease according to the new information."

He pointed out that "the bank's own funds are loaned from them, but at an interest rate of 6%, and because there are other loans with an interest rate of 3%, there was no direction for our own funds," explaining that "loans are granted, according to the feasibility study, for more than 150 million, and there must be a feasibility study and upon acceptance." The feasibility study is submitted to the Prime Minister’s office, and when the amount is approved, it will be financed by 80% of the project.”

He continued, "When the approval is issued, it returns to the bank so that the procedures begin, which is to reveal the percentage of achievements and guarantees," noting that "there are approximately 20 factories that were granted loans from the bank."

He stated that "factories need to open credit, and most projects are working and have a high completion rate," noting that "the bank continues to grant loans, and the highest amount that can be granted is 20 billion dinars as a maximum."

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