Central Bank of Iraq pledges to support banks to overcome difficulties
The Central Bank of Iraq. Photo: ASHARQ Al-AWSAT
Baghdad (IraqiNew.com) – The governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb Mukhif, pledged on Monday to support Iraqi banks and to coordinate with the Ministry of Finance to overcome difficulties banks face, according to a statement of the CBI cited by the Iraqi News Agency (INA).
The CBI statement was issued following a meeting attended by Mukhif, the chairman of the Supreme Committee for Supervision of Loans and its members.
During the meeting, Mukhif reviewed the CBI initiative launched as a result of the security, political and financial challenges Iraq faced when the country was in a difficult situation.
Mukhif stressed that the sector faces issues related to financing and sustainability. He added that the CBI had to intervene to revive the economy.
The chairman of the committee reviewed the achievements of the initiative and the number of projects that have been funded in the housing, industry, agriculture, commercial and service sectors.
The CBI previously announced the launch of an initiative to support small and medium enterprises through private banks and allocated one trillion dinars (686 million USD) for the initiative.
The initiative aims to quickly create job opportunities in a time unemployment rates increased, and around 150 thousand graduates try to join the labor market every year.
More than 15 thousand small and medium enterprises benefited from the CBI initiative, the thing that prompted the CBI to enhance the initiative by allocating a similar amount.
The CBI also launched a five trillion dinars (nearly 3.43 billion USD) initiative for large enterprises.
Additionally, the CBI launched other real estate, industrial and commercial initiatives making the total amounts allocated for development initiatives more than 15 trillion Iraqi dinars (nearly 10.28 billion USD).