He explained that the loan amount prescribed by the Bank is based on a feasibility study provided by the beneficiary after the analysis of data and then the bank introduce it to the company which will, in turn, analyze the data and information to ensure the acceptance of this project.
He stressed that this mechanism will contribute to achieve several objectives including the operation of productive and service projects and the impact on the absorption of labor and contribute to tackling unemployment.
Board member pointed out that the company is encouraging female component of the project (sme) of small and medium-sized enterprises. Thus, it will make an important foundation in developing the community capacity in different fields.
He said the Registrar of Companies had ratified the establishment of this company, which enjoys the support of the Iraqi Central Bank, pointing out that a minimum of shares is 400 million dinars and called other banks to join the company.
A member of the company also said that this achievement is for developing the performance of banks and raise productivity through launching loans to businessmen, plants owners and companies.
He pointed out that the number of private banks in Iraq is 24 banks progressed significantly during the previous four years and stressed the quest of the company for the development of banking services in Iraq to commensurate with the volume of activity expected after launching the reconstruction of Iraq.
Member of the Board of Directors also confirmed that the company based its activity on approved international standards and that the premiums are paid on time away from the old contexts. The Board of Directors had been informed of the nature and activity of similar experiences of companies in Amman and Lebanon. He added that preparations are under way to prepare the banking staffs, through giving them courses for credit officers on new ways of lending.
He concluded by pointing out that the loans were open for: commercial, service, productive, industrial and agricultural sectors. Thus, the company will operate and activate the performance of the productive and service projects stalled due to funding.(Source)AlSabah