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Association of Private Banks: Private banks funded 5,360 small and medium-sized projects
The Association of Iraqi Private Banks announced that private banks operating inside Iraq funded 5360 small and medium-sized projects within the one trillion initiative launched by the Iraqi Central Bank to finance small and medium projects.
The executive director of the Association of Iraqi Private Banks, Ali Tariq, said in a press statement that "private banks have so far funded 5,360 projects valued at 175 billion dinars within the one trillion initiative launched by the central bank," noting that "these projects diversified between industrial, agricultural, commercial and service" .
He added that "the only obstacle facing private banks in increasing project financing is the absence of real guarantees for most of the young people in Iraq," explaining that "the loans granted by banks within this initiative are to support small and medium enterprises with a maximum of one billion dinars, as well as to support citizens to purchase housing units with a higher 75 million dinars, 4% interest, for 10 years. There is a loan of more than one billion dinars for large projects. "
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