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Central Bank of Iraq pledges to support banks to overcome difficulties
According to a statement from the CBI quoted by the Iraqi News Agency, the governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb Mukhif, promised on Monday to assist Iraqi banks and work with the Ministry of Finance to resolve issues banks confront (INA).
Following a meeting that Mukhif, the head of the Supreme Committee for Supervision of Loans, and other committee members attended, the CBI released a statement.
Mukhif reviewed the CBI initiative at the meeting, which was started in response to the security, political, and economic difficulties Iraq faced at the time.
Mukhif emphasized that the sector has problems with sustainability and financing. He continued by saying that the CBI has to step in to help the economy.
The committee’s chairman went over the initiative’s accomplishments and the number of projects that have received funding in the housing, business, agricultural, commercial, and service sectors.
A trillion dinars (686 million USD) have been set aside by the CBI as part of an initiative to support small and medium-sized businesses through private banks.
The project seeks to immediately provide work opportunities at a time when unemployment rates have risen and over 150 000 graduates attempt to enter the labor force each year.
The CBI initiative helped almost 15,000 small and medium-sized businesses, which is what led the CBI to expand the project by allocating a similar sum.
A five trillion dinar (about $3.43 billion USD) initiative for large businesses was also introduced by the CBI.
The CBI also launched additional real estate, business, and industrial projects, bringing the total sum authorized for development projects to almost 15 trillion Iraqi dinars (nearly 10.28 billion USD).