The National Bank of Iraq obtains an American loan to finance small and medium-sized companies
2023-12-12 23:03
The National Bank of Iraq obtains an American loan to finance small and medium-sized companiesShafaq News/ The National Bank of Iraq announced on Tuesday that it had obtained a loan from the American Foundation (DFC) worth $50 million to support small and medium-sized companies in Iraq, indicating the need to increase the competitive capabilities of this segment and develop their businesses.
The bank explained in a statement today that the entire loan is allocated to the bank’s clients from small and medium-sized companies at a low cost, in exchange for the bank’s commitment to contribute by adding $35 million in facilities over the next five years to the small and medium-sized companies’ loan portfolio.
He stated that this loan will enable the bank to continue its regular support for this vital sector by increasing financing and working capital, which in turn will boost commercial activity, preserve jobs, and ensure greater economic stability, especially since small and medium-sized companies are a major driver of economic growth and provide job opportunities. New, contribute to economic and social development, and stimulate sustainable economic growth, which will have a significant impact on the revenues of small and medium-sized companies and their operations in Iraq.”
The statement added, “The past few years have witnessed increasing international recognition of small and medium enterprises (SMEs) because of the critical and important roles they play in creating new job opportunities, and their significant contribution to achieving economic development and reducing the crises of poverty and unemployment, in addition to their complementary roles in supporting companies.” The largest in size is that it is considered the main source of the work of these companies.”
According to a report prepared by the World Bank, small and medium-sized companies in Iraq represent about 90% of the total companies operating in the country, provide about 70% of job opportunities, and contribute about 25% of the gross domestic product, and at a time when the private sector provides… About 60% of jobs in Iraq, small and medium-sized companies are responsible for most of them. However, small and medium-sized companies in Iraq face many challenges, including a lack of liquidity, according to the bank’s statement.
The statement affirmed its commitment to “supporting small and medium-sized companies by launching programs dedicated to supporting this segment of customers with the aim of increasing their competitive capabilities and developing their business.”
It is noteworthy that the National Bank of Iraq today tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached 2.8 billion dollars, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200 thousand customers who are served by more than It has 1,000 employees, 27 branches, and 200 ATMs.
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