Sudanese sets a vision to facilitate borrowing from banks, 6 JUNE

Sudanese sets a vision to facilitate borrowing from banks

Baghdad-Mail  

Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Wednesday, that the government has set a vision that will be reflected in the form of measures in the financing aspect and facilitating borrowing from banks.

Al-Sudani’s office said in a statement received by “Mail”, that “Prime Minister Muhammad Shia’ al-Sudani opened the work of the second specialized workshop to support the private industrial construction sector, during which a cooperation agreement was signed between the Trade Bank of Iraq  (TBI ) and the German Export Credit Corporation, to finance the sector’s projects.” The private development sector, within the government’s sovereign guarantees initiative, and a letter of authorization was signed to finance the project to establish a plate glass factory in the Najaf Governorate in the amount of 110 million euros, between the Iraqi Trade Bank and the German banks (Commars Bank) and (Aka Bank).

She added that the Sudanese “reviewed an exhibition that included the private industrial sector’s products of construction materials, praising the efforts made to provide them.”

Al-Sudani stressed, according to the statement, during his speech that “the main goal of this workshop is to emphasize the need for construction industries,” pointing to “government support for the industrial sector, and removing the problems and obstacles that obstruct this vital sector, which represents a fundamental engine of the economy, and helps in addressing the problem.” Unemployment by providing job opportunities.

He noted that “supporting the Ministry of Industry and industrialists and all the decisions required by the Council of Ministers are on their way to implementation,” stressing that “8 projects are on their way to implementation in light of the provision of sovereign guarantees to support the private sector.”

He pointed to “the important package issued by the Council of Ministers yesterday, which included measures related to supporting the industrial sector, including those related to providing land for the construction of projects, and providing the necessary fuel for operation,” stressing that “the government has put in place measures to improve the business environment, expand electronic payment and collection, and improve Tax accounting procedures and automation of customs procedures.

Al-Sudani explained, “This package was completed through discussion with the relevant departments as it was discussed in the Council of Ministers, and greater powers were granted to the competent departments in the Ministry of Industry to overcome any red tape or delay, and he directed that a periodic report be presented to monitor procedures in the event of obstruction or diligence.”

The statement added, “In appreciation of the Prime Minister’s position in support of industrialists, which resulted in the package of decisions taken by the Council of Ministers yesterday, the Federation of Industries decided that June 4 would be National Industry Day.”

The following are the most important things that were stated in the Prime Minister’s speech during the opening of the workshop:

Sovereign guarantees provided financial support from German, Italian and Japanese financial institutions, amounting to $200 million.

There are understandings with the French side amounting to 1 billion euros, for the construction of industrial projects within the private sector.

Networking steps and implementing the ASYCUDA system are an important step in automating customs and facilitating the entry of goods.

Tax accounting procedures witnessed a jump due to the facilities provided.

We are on the verge of a qualitative shift in company registration procedures through electronic procedures.

We have defined a vision that will be reflected in the form of measures on the financing side and facilitating borrowing from banks.

We are studying the reform of the Industrial Bank to be an effective tool in implementing plans and programs that drive industrial development.

These agreements are an important indicator of external contributions to the Iraqi economy, specifically in the industrial sector.

We are engaged in the housing and construction sector in general, and this requires extensive construction materials.

The available factories for various construction materials cover only a quarter of the need according to the projects that will be undertaken, especially residential city projects.

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