The General Secretariat of the Iraqi Council of Ministers issued directives to the Central Bank of Iraq to reschedule loans to boost the private sector.
According to the Iraqi News Agency, this came following the recommendations by the Central Bank Loans Committee to put a mechanism to grant loans to projects with no or low interest.
It was agreed to reschedule previous loans granted by the Housing Fund and the Real Estate Bank of Iraq on a duration of 20 years. Also, the 2 percent interest would be canceled starting 29-11-1020.
Further, it was decided to adopt the credit plan of the Central Bank’s initiative, applicable to all provinces. The table of credits’ distribution to the initiative’s loans based on provinces, was also approved.
Moreover, the domiciled salaries at any eligible bank will be sufficient to get loans without the need for a sponsor.
