Member of Economic Committee: banks alone cannot meet all the requirements of the economic process
Baghdad (newsletter) … According to economy and Investment Committee member MP/Iraqi/coalition nahida aldaini, the inability of the State commercial banks to meet the requirements of investment and economic process alone in the country, due to a lack of capital, to encourage global banks to open branches in Iraq to contribute to the economic development. She aldaini (News Agency news) on Monday that State-owned banks, Rafidain and Rasheed cannot cover all the requirements of the economic process in the State as the advances percent salary or loans, because the fulfilment of ministries debt to those banks, which have made their capital.
Noting that many borrowers are in trouble “because they are borrowing money installment to build houses in the middle of them loan stops due to lack of sufficient funds, as well as the Ministry of finance ratified many projects in the State and do not provide funds envelope enough.
She added: the investment environment of Iraq needs solid global banks have heads high intervention funds into the Iraqi market to contribute to the development of the country’s economy through the granting of loans, stressing the need for the facilities, privileges granted to them to encourage them to open branches in Iraq.