Economy News – Baghdad
The Central Bank of Iraq, on Monday, raising the ceiling of loans for small and medium enterprises to one billion dinars, indicating that the loan term of up to 5 years can be extended to 7 years.
The bank said in a statement read by “Economy News”, that “to enhance the successes achieved by one trillion dinars, and in order to absorb more investment projects, the Central Bank of Iraq announces raising the ceiling of loans granted to finance small and medium enterprises, within this initiative, (Billion dinars), “stressing that” these loans will include all sectors except the housing sector, giving more space for the industrial and agricultural sectors. ”
“The Bank has issued a set of controls on this lending, in which it confirmed the possibility that each bank will submit projects worth up to 5 billion Iraqi dinars, in one go, depending on the form sent for each project, and that the bank will audit the projects that will be funded after 6 months from the date of replenishment of the bank account to a maximum, without allowing the extension of the period.
“The loan period of up to 5 years can be extended to 7 years, in the event that the bank requested the lender.”