CBI Governor announces imminent launch of major initiative to finance industrial projects
Baghdad-INA
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, the imminent launch of an initiative to finance industrial projects, while pointing out that financial stability is no less important than political and security stability.
The Governor of the Central Bank, Ali Al-Alaq, said in a dialogue session during the Iraq Energy Conference, which was attended by the correspondent of the Iraqi News Agency (INA): "The initiatives undertaken by the Central Bank represent tools to move the wheel of development and enhance economic stimulus. They are unconventional policies aimed at supporting the overall economy."
He added that "the Central Bank is one of the global banking institutions that adopt unconventional monetary policies," noting that "the size of the accumulations in the aspects of backwardness in the infrastructure is a major challenge."
Al-Alaq explained that "the Central Bank is concerned with achieving economic stability, especially since energy factors are directly related to the economic situation through supporting factories, companies, and others."
He pointed out that "the Central Bank intervenes in supporting and financing various projects, including renewable energy projects, whether through direct or indirect support."
Al-Alaq pointed out "the importance of monetary and financial stability," indicating that "it is no less important than political and security stability."
He continued that "the Central Bank has launched multiple initiatives to finance real estate and small and medium-sized projects, as projects worth 13 trillion dinars have been financed since 2016 until now, which has contributed to the sustainability of the economy, in addition to allocating 1 trillion dinars to encourage citizens and companies to purchase solar energy units."
He added that "there are ongoing arrangements to finance industrial projects in coordination with the Trade Bank of Iraq and the Industrial Bank," indicating that "the liquidity available at the Trade Bank of Iraq will be used to support these projects, in addition to the funds of the Industrial Bank, with the aim of launching a major initiative to finance industrial projects, which is expected to see the light soon."
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