CBI launches 685 million USD initiative to support renewable energy
The Central Bank of Iraq. Photo: Shafaq News
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) announced on Wednesday the launch of a one trillion-dinar (nearly 685 million USD) initiative to support clean energy, according to a statement cited by the Iraqi News Agency (INA).
The CBI advisor, Ihsan Shamran Al-Yasiri, mentioned in a statement that it is not possible to create an economic sector and attract investors without a successful and healthy banking sector.
Al-Yasiri indicated that the government banking sector acquires a big percentage of the public’s funds, and explained that the reform in the banking sector is a starting point for reforming the economic system.
Al-Yasiri elaborated that the CBI launched a one trillion-dinar (nearly 685 million USD) initiative to finance the purchase of electricity generation units powered by renewable energy.
The CBI advisor noted that the initiative represents a great starting point to change the tendency and mood of the public to switch to clean energy.
Al-Yasiri also explained that the Iraqi government started trying to switch to clean energy more than a year ago.
Al-Yasiri added that the CBI contributed to the initiative by providing small interest-free loans for individuals and the private sector.