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Advisor to the Association of Banks: Riyada Bank will launch lending to youth and vulnerable segments of society to develop small and medium enterprises
Baghdad
Advisor to the Association of Private Banks in Iraq, Samir Al-Nusairi, said today, Sunday, that the Riyada Bank, which will be launched soon, is one of the pillars of the Central Bank of Iraq’s strategy to achieve social development.
Al-Nusairi added, in an interview with Al-Iqtisad News, that “Riyadah Bank seeks to achieve social development by supporting all segments of society, especially youth and vulnerable groups,” noting that “the bank will be one of the pillars of the Central Bank of Iraq’s strategy for the coming years.”
He pointed out that "the bank is consistent with the government's vision in its approach to supporting the youth group," pointing out that "the Central Bank of Iraq will provide all forms of support to make it successful."
He stressed that "the bank will support low-income people through soft loans and simple guarantees to support vulnerable segments, and will work to diversify the non-oil economy by supporting small, medium and micro enterprises to stimulate the private sector and reduce unemployment and poverty rates in Iraq."
Al-Nusairi stated that Riyada Bank will be a “base to launch and finance small and medium enterprises” in Iraq according to new mechanisms that support the directives of the Central Bank to reconsider the bank financing structure currently approved in banks in directions that help to move them to the real work, which is banking financing, in accordance with the vision and applications of digital transformation to provide New banking products that contribute to attracting deposits and achieving financial inclusion.”
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