In light of the financial crisis in the country .. The Central Bank of Iraq provides facilities for investors
In light of the financial crisis in the country .. The Central Bank of Iraq provides facilities for investors
31-07-2017 07:24 PM
Baghdad News –
In light of the financial crisis experienced by Iraq as a result of low oil prices, the Central Bank of Iraq circulated to the Iraqi financial institutions asking to lend to investors, whose completion rates reached 25 percent.
The head of the “Investment Sub-Committee” in Parliament MP Burhan al-Mamouri, the decision in a press statement, that «the financial crisis suffered by the Iraqi economy for the fourth year in a row because of falling oil prices in world markets, reflected negatively on all sectors, Witnessed a growth rate is negligible, which increased the rates of poverty and unemployment and the impact of service sectors and even foreign trade ».
Al-Mamouri pointed out that «the Committee on Economy and Investment guaranteed Iraq’s amended investment law No. 50 for the year 2015 a lot of paragraphs encouraging investment, and was able to meet the demands of the investor including the right to own land for foreigners, and choose any project he deems appropriate, as well as the right to get support from Iraqi banks in the form of financial loans and guarantee the project without providing other guarantees as was previously done, not to mention tax exemptions from fees and others ».
He revealed that «his committee received a lot of complaints from local and foreign investors rejected applications for a loan, which led us to address the Council of Ministers and the Central Bank, which finally approved the proposal». He pointed out that the number of public and private banking and financial institutions has grown significantly in recent years. In 2013, these institutions did not exceed 32 institutions, so now they reach 140 institutions, including 6 government, 24 civil and 16 Islamic institutions, pointing out that the number of Arab and foreign banks In the past years, it has reached 22 banks and three currently under establishment, mostly Turkish, Lebanese and Gulf, up from 7 banks in 2013. He pointed to the existence of 63 financial companies and conversion companies and financial investment companies, 60 percent of them Arab and foreign ».
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