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Rafidain plans to finance large investment projects in Baghdad and the provinces

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Rafidain plans to finance large investment projects in Baghdad and the provinces

The Rafidain Bank logo.
Economy News Baghdad

The director of the Rafidain Bank, Khawla al-Asadi, said that the bank is financing a number of service investment projects such as the Baghdad Metro and the revival of the main laboratories across the country in coordination with government banks and under the auspices of the Central Bank, confirming receiving invitations from different countries to open branches of the bank.

Al-Asadi said in a statement quoted by the official newspaper "Al-Sabah" and read by "Economy News" that "the Central Bank has adopted a project to provide offers by all government banks Kalravidin, Rashid and Iraqi trade and other to finance vital projects and important in Baghdad and the provinces, especially investment such as the Baghdad Metro project and its diameter Suspending and reviving cement factories, glass and petrochemicals, provided that each bank will finance a project of these projects and after its completion is referred to an investor as an investment opportunity.

"The bank will finance the Baghdad metro project and the train suspended through the Central Bank and then transferred to investors and return the amounts of interest," asserting that

"the bank serious implementation of this project was agreed to start a month ago, especially since the initial cost of completion of the metro is 5 trillion Dinars, in addition to his participation in the implementation of other projects nearly twenty in Baghdad and the provinces."

Al-Asadi pointed out that "the activities of the bank is not limited to granting advances to employees and citizens, but the circumstances in which the country is forced to adopt it, where the bank operates 9204 employees and their salaries are a fixed cost and must be collected all expenses of the bank and work as an activity, Is one of the components of the depletion of the economy."

"The real work of banks lies in the provision of facilities and support of investment projects that started work on it as financing the electrical station of the architecture of 400 million dollars and a number of recreational sites such as water city and malls and residential complexes and lab tower in Arbil and the revival of laboratories throughout the country.

The director of the Rafidain Bank expressed "the intention to adopt the bank to build a number of schools in Baghdad and the provinces according to the plan of the Ministry of Education, where there is a willingness to build 5 schools in each province to own the name of Rafidain Bank and then the Ministry of Education to pay the amount in the form of annual rent and the bank is about to collect Approvals of the Ministry of Finance on this."

She pointed out that "the Central Bank is currently working on the introduction of modern technology in banking transactions through the introduction of electronic administration to reach the e-government, and the banking system in Mesopotamia in this direction and will see the beginning of September, the start of 14 branches of electronic management across the country."

As for the branches of the Rafidain Bank outside Iraq, al-Asadi confirmed the presence of two branches in Jordan recently received a book of thanks and appreciation by the Central Bank of Jordan for having made the highest profits, in addition to branches of the bank in Lebanon, Egypt, Bahrain, UAE and Yemen.

There is an intention to open other branches after the completion of the banking system and payment The electronic, revealing the invitations from France, Britain, China, Turkey and Saudi Arabia to open branches in their countries to Rafidain Bank.

Views 19 Date Added on 08/04/2019

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