Went to borrow from the Islamic Development Bank
Baghdad – the joy of pumice
government is moving to fill part of the deficit of the current year budget in 2015, by borrowing the amount of half a billion dollars from the Islamic Development Bank for the purpose of infrastructure projects Altanah.ost this picture, lifting the Islamic Development Bank, the current limit your program by issuing medium-term instruments of $ 10 billion to become (25) billion dollars.
The Islamic Development Bank multilateral international financial institution with developmental in nature, comprising 56 Islamic state, including Iraq, one of the founders and shareholders of the capital, located in the city of Jeddah, as it has been adopted development financial institution eligible for “degree zero risk weight” of the Basel Committee on banking supervision of the year 2004, the European Commission and the public 2007.
oppema regard stressed economic advisor to Prime Minister Dr. The appearance of Mohammed Saleh “morning” as the government seeks to borrow $ 500 million (half a billion dollars) to finance part of the deficit as stated in the text of the general budget for 2015, its target development to support infrastructure projects and bridging the investment of which side.
Saleh said the loans offered by the Bank Islamic Development is soft loans do not carry a great benefit, but Kaamullac less than a natural interest, and acted for infrastructure projects such as roads, bridges, schools, etc., since it depends on the proportion of Iraq’s contribution to the fund’s capital.
The central bank is the National Coordinator of the Islamic Development Bank with the ministries and departments government, according to the adviser, noting that there are two types of loans are either requests from the Iraqi side, or the Bank allocates an amount for development projects needed by Iraq.
Iraq has previously borrowed from the bank, and the payment of financial dues that his trust, especially loans that financial institutions, particularly multilateral be due and payable, the mind multilateral international financial organization.
Salih noted the existence of an urgent need during the current circumstances to borrow for development, as there have been consultations and talks to finance Iraq during the period of undergoing Chapter VII,
as the bank expressed a desire to provide support and assistance in order to finance some infrastructure projects, especially schools, but it was not completed for lack of clarity Image between the two parties.
The increase in average value instruments term in the interest of Iraq and within the limit set by Iraq, where it can be many development activities that support the country’s finance, and especially the budget deficit (expenses value greater than revenues).
For his part, the rivers bank manager Islamic Abdul Hussein Mundhiri “morning” that Iraq is a founding and participating members of a portion of the capital in the bank, which was officially opened in 1975,
as it supports the development processes in the countries Alasalamah.oadav that Iraq welcomes any decision to finance, especially since the country has promising opportunities in the field of investments,
noting that Islamic banks operate in the field of project financing, which is a new culture in the Islamic countries and the world.
As for the role of Islamic banks in Iraq Mundhiri saw it is not doing its part actor and the right, where she works in the business field, so you need to procedures and instructions and facilities support its role in financing the right investment and development projects.