Iraqi Company for Bank Guarantees: The company exceeded the value of loans guaranteed by the private sector and strengthened
Date: Monday 20/02/2012 14:20
Baghdad (news) .. Announced that the Iraqi Company for Bank Guarantees for the deviations of the value of the total loans guaranteed by the company to (50) million.
said managing director of the Company Secretary Abdul Sattar Amin in a statement received by the Agency (news) a copy of it on Monday: The existence of the Iraqi Company for Bank Guarantees had laid the foundations of stability in the Iraqi private sector and easy to establish or expand hundreds of projects that are run by women (11%) of them.
He added that the $ (50) million dollars may not seem significant in the big financial community. But for (4000) people Ryadjie projects who started or have expanded their business the existence of bank financing backed guarantees, the latest this amount million difference in achieving success.
said: that the results of Akaflat last year recorded an increase (33%) the results of the previous year and as a result of the expansion of destruction in the loan portfolio of small and medium-sized and mainly in the sectors of small-scale industries, trade and services in Iraq.
He explained: that the company became a private joint stock and has (34) contributions from companies and individuals from the private sector and owned by eight private banks pay a fee and the amount (2%) to the company to meet to ensure the company’s (75%) of the loan amounts and this cost is usually borne by the borrower.
It is worth mentioning that the Iraqi Company for Bank Guarantees is a financial institution’s private banking to ensure payment of up to (75%) of the value of loans ranging from (5000) and $ (250000) and $ offered by private commercial banks to small and medium enterprises in Iraq. / Finished