Economy News Baghdad:
The director of the Iraqi company for bank guarantees, Rula Saleh, that the private banks granted loans to citizens more than 32 billion dinars for the establishment of small and medium projects within the initiative of the Central Bank of one trillion dinars.
Al-Saleh said in an interview with “Economy News” that “the loans granted by private banks for the establishment of small and medium-sized projects reached more than 32 billion Iraqi dinars and constitute 3% of the amount allocated to one trillion dinars,” adding that “SMEs have a large role In achieving economic and social development, and contribute to support the production sector of the country, and provide job opportunities for the unemployed.
“Small and medium-sized enterprises make up nearly 90 percent of the economies of developing countries because they do not need large capital, but need small or medium financing depending on the nature of the environment and society,” she said.
She explained that “the Iraqi company for bank guarantees granted loans ranging from $ 5 thousand and up to 250 thousand dollars or equivalent in Iraqi dinars, according to projects submitted.”