During the meeting with private banks, the Private Sector Department takes new measures to support projects, 26 DEC

 During the meeting with private banks, the Private Sector Department takes new measures to support projects

Mawazine News – Baghdad 
The Private Sector Department in the Ministry of Commerce organized, on Sunday, a “deliberative” meeting for a number of bank guarantee and project financing companies, private banks, and a number of sectoral ministries, organizations and unions of the Iraqi private sector to develop mechanisms for supporting medium, small and micro projects and the possibility of providing financial loans through banks. Civil and governmental institutions, as well as finding serious solutions to address the problems and obstacles facing the work of these projects.

The media of the Private Sector Department stated in a statement, “The meeting discussed in detail the mechanisms of support provided to small projects and overcoming the obstacle of guarantees that may be an obstacle” to granting these loans, including It preserves public money and contributes to providing possible facilities for the success of micro-projects.

According to the statement, Assistant Director General of the Private Sector Development Department, Muhammad Hanoun, pointed out, according to the statement, a number of recommendations that came out of the meeting, most notably the submission of a proposal by the Iraqi Company for Bank Guarantees to establish a guarantee fund managed by The company is funded by the Central Bank.
He added, “The recommendations also included an agreement to continue holding meetings and to form a committee of banks and sectoral bodies concerned with supporting small projects, in addition to representatives from other banks and the Central Bank, and an agreement to establish a working mechanism for how to support small projects, which will be discussed by the members of the committee and submitted to higher authorities.”
The Private Sector Development Department in the Ministry of Commerce had announced a platform (support) initiative for small and micro projects through coordination with the Central Bank of Iraq and a number of government banks, as well as holding workshops to train project owners to prepare an economic feasibility study for projects scheduled to be established in various fields of work as well. The department works to implement the national strategy for developing the private sector.

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