CBI will Facilitate Local & Foreign Investors Regarding issuance of Loans

The Iraqi Central Bank has instructed the Iraqi financial institutions regarding issuance of loans to investors, but loans should be issued to those who have completed rates and reached at least 25%. These measures have been taken due to financial crisis in the country after experiencing low global oil prices. The Investment Sub-Committee head in the Iraqi Parliament MP Burhan Al-Mamouri said in a press statement that financial crisis in the country have continuously disturbed the Iraqi economy since last 4 years. One of the major reasons was a massive decline in the global oil prices in the international markets. This situation had reflected negative impacts on all sectors in the country and it increased poverty rate and unemployment. It also badly affected service sectors and foreign trade and investment. He pointed out that Iraqi Economic and Investment Committee had guaranteed that amended investment law No. 50/2015 has various paragraphs to attract local and foreign investment.

CBI will Facilitate Local & Foreign Investors Regarding issuance of LoansAl-Mamouri further added that this law was able to fulfill demands of investors including owning land for foreign investors. It allows selecting any appropriate project and the right in getting support from Iraqi banks to receive financial loans. He added that Committee has received a number of complaints from local and foreign investors who have experienced application rejection in getting loan. So, the Committee contacted the Iraqi Council of Ministers and the Iraqi Central Bank to solve the issue, now they have finally approved the proposal. He also pointed out that there is a large number of public and private banks, and financial institutions showing a significant amount of growth in the past couple of years. He added that there were just 32 financial institutions in 2013, but now there are at least 140 institutions, including 24 civil, 6 government and 16 Islamic institutions. He said that there are 22 Arab and foreign banks operating in Iraq.

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