Economie| 08:37 – 29/05/202
Baghdad – Mawazine News
The Industrial Bank revealed, today, Sunday, an increase in the rate of industrial growth in the country due to the high exchange rates of the dollar, while stressing that the opening of new branches in the provinces needs a financial allocation within the budget.
The Director of the Bank, Bilal Sabah Al-Hamdani, said, “The Central Bank’s initiative is excellent for medium and large projects, and its duration is 15 years, and the average interest is 2%, and for large projects 3,” noting that “we have started working on the initiative, but Iraq needs thousands of factories and we are trying to provide loans.” hundreds of factories.
He pointed out that “the Industrial Bank is self-financing and has capital to lend to customers, but there is an increase in the size of the national industry and the demand significantly,” noting that “the previous years, the request for loans came for projects under establishment and new, with limits of 100-150, and currently the demand reaches thousands, and this Because of the exchange rate change, which led to the importer being expensive and the local product being cheaper than the importer, which made businessmen, traders and importers think about setting up factories inside Iraq.
He added, “The bank has detection committees before and after granting the loan and we give documentary credits that we import to the production line or if they are raw materials and in construction loans, it is done according to the stages of construction and completion,” noting that “the delay in payment is usually from the owner of the plant and some of them are due to regional issues.” Like the edible oil factory that used to import the raw material from Ukraine, and today the import has been stopped, and the factory is resorting to other countries where the raw materials are more expensive, and this is beyond our control, and there is also mismanagement, but we in the bank are in control of the issue.”
He added, “Most of the factories began to rise at the rate of growth for industry, but the average number of factories is few and we need thousands of factories. We are now in the process of establishing hundreds only. With time, and if the budget is approved and an amount is allocated to the bank, some branches can be opened in some provinces because it does not have branches in all provinces.” And this is one of the suffering,” explaining that “the Industrial Bank owns branches in Baghdad, Karbala, Babylon and Basra only, and the opening of new branches that need allocations and sums of money within the budget.” Ended 29 / h