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Al-Hamdani: Increased industrial growth rates as a result of the rise in dollar prices
Sunday, May 29, 2022 9:19 PM
National News Center/ Baghdad
Today, Sunday, the Industrial Bank revealed an increase in the industrial growth rate in the country due to the high exchange rates of the dollar, while
stressing that the opening of new branches in the governorates needs a financial allocation within the budget.
The director of the bank, Bilal Sabah Al-Hamdani, said in a statement followed by / the National News Center /, that “the initiative of the Central Bank is excellent for medium and large projects, and its duration is 15 years, and the interest for medium is 2%, and for large projects is 3,” noting that
“we started working on the initiative, but Iraq needs thousands of factories, and we are trying to provide loans to hundreds of factories.”
He pointed out that “the Industrial Bank is self-financing and has capital to lend to customers, but there is an increase in the size of the national industry and the demand significantly,” noting that
“the previous years, the request for loans came for projects under construction and new, with limits of 100-150, and currently the demand reaches thousands, and this
Because of the change in the exchange rate, which led to the importer being expensive and the local product being cheaper than the importer, which made businessmen, traders and importers think about setting up factories inside Iraq.”
He added, "The bank has detection committees before and after granting the loan, and we give documentary credits that we import for the production line or if they are raw materials, and in construction loans, it is done according to the stages of construction and completion," noting that
"the delay in payment is usually from the owner of the plant and some of them are due to regional issues."
Like the edible oil factory, which used to import the raw material from Ukraine, and today the import has been stopped, and the factory is resorting to other countries where the raw materials are more expensive, and this is beyond our control, and there is also mismanagement, but we in the bank are in control of the issue.”
He added, "Most of the factories started to rise at the rate of growth for industry, but the average number of factories is few and we need thousands of factories.
We are now in the process of establishing hundreds only.
With time, and if the budget is approved and an amount is allocated to the bank, then some branches can be opened in some provinces because it does not have branches in all provinces."
And this is one of the suffering,” explaining that “the Industrial Bank owns branches in Baghdad, Karbala, Babylon and Basra only, and the opening of new branches that need allocations and sums of money within the budget.”
Al-Hamdani: Increased industrial growth rates as a result of the rise in dollar prices
Sunday, May 29, 2022 9:19 PM
National News Center/ Baghdad
Today, Sunday, the Industrial Bank revealed an increase in the industrial growth rate in the country due to the high exchange rates of the dollar, while
stressing that the opening of new branches in the governorates needs a financial allocation within the budget.
The director of the bank, Bilal Sabah Al-Hamdani, said in a statement followed by / the National News Center /, that “the initiative of the Central Bank is excellent for medium and large projects, and its duration is 15 years, and the interest for medium is 2%, and for large projects is 3,” noting that
“we started working on the initiative, but Iraq needs thousands of factories, and we are trying to provide loans to hundreds of factories.”
He pointed out that “the Industrial Bank is self-financing and has capital to lend to customers, but there is an increase in the size of the national industry and the demand significantly,” noting that
“the previous years, the request for loans came for projects under construction and new, with limits of 100-150, and currently the demand reaches thousands, and this
Because of the change in the exchange rate, which led to the importer being expensive and the local product being cheaper than the importer, which made businessmen, traders and importers think about setting up factories inside Iraq.”
He added, "The bank has detection committees before and after granting the loan, and we give documentary credits that we import for the production line or if they are raw materials, and in construction loans, it is done according to the stages of construction and completion," noting that
"the delay in payment is usually from the owner of the plant and some of them are due to regional issues."
Like the edible oil factory, which used to import the raw material from Ukraine, and today the import has been stopped, and the factory is resorting to other countries where the raw materials are more expensive, and this is beyond our control, and there is also mismanagement, but we in the bank are in control of the issue.”
He added, "Most of the factories started to rise at the rate of growth for industry, but the average number of factories is few and we need thousands of factories.
We are now in the process of establishing hundreds only.
With time, and if the budget is approved and an amount is allocated to the bank, then some branches can be opened in some provinces because it does not have branches in all provinces."
And this is one of the suffering,” explaining that “the Industrial Bank owns branches in Baghdad, Karbala, Babylon and Basra only, and the opening of new branches that need allocations and sums of money within the budget.”
