CENTRAL BANK: WE WILL LAUNCH A MAJOR INITIATIVE TO FINANCE INDUSTRIAL PROJECTS
The Central Bank of Iraq announced on Sunday its intention to launch a major initiative to finance industrial projects in cooperation with the Trade Bank of Iraq and the Industrial Bank.
“We are currently making arrangements to finance major industrial projects through coordination between the Trade Bank of Iraq and the Industrial Bank. This will be done by utilizing the liquidity available at the Trade Bank of Iraq and recycling this money in the Industrial Bank to launch a major initiative to finance industrial projects in Iraq, which will soon see the light of day,” Central Bank Governor Ali Al-Alaq told the National News Agency, as reported by Kalamah News.
He added, “ This initiative was recently proposed by the Cabinet as part of the government’s banking sector reform program and government measures with the Central Bank,” noting that “the Cabinet agreed to cooperate between government banks with a financial surplus to finance a package of industrial projects through the Industrial Bank.”
He explained that “all other projects are funded according to their sectoral channels, as part of the government’s general approach to supporting industrial, agricultural, housing, education, health, investment, and other projects.”
(WOW! WOW! WOW! This is going to get us the reinstatement. Are you listening? Please go to my RV Status commentary in todays Newsletter to understand why I am saying this. Please also read the next article about Rafidain Bank initiatives. 😊 😊 😊 Hang in just a little while longer. The RV is coming! )
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