RTB Bank launches low-interest loans for solar panels in Iraq
According to a statement from RTB Bank, the new program offers flexible financing options for individuals and companies eager to transition to clean energy solutions. Loan values range between 7 million and 30 million Iraqi Dinars (approximately $4,800 to $20,700 US Dollars), with a repayment period extending up to seven years and an optional six-month grace period.
This initiative seeks to empower citizens to invest in solar technology through accessible financing and competitive interest rates. It represents a significant step towards diversifying Iraq's energy sources and achieving its environmental objectives. Iraq has long grappled with chronic electricity shortages, which worsen during the scorching summer months when temperatures can exceed 50 degrees Celsius, severely straining the national grid and increasing energy demand.
Ahmed Nawzad, CEO of RTB Bank, affirmed the bank's commitment to supporting sustainable development and expanding the country's energy mix. 'This program represents a great opportunity to enhance sustainable development and broaden the energy mix in the country. At RTB, we are committed to helping our clients build a greener future and achieve economic growth through innovative financial solutions,' Nawzad stated.
The bank advises interested individuals and businesses to contact their nearest RTB Bank branch for additional details regarding eligibility requirements and the application process.
RTB Bank for Investment and Finance was established in 2001, with its main headquarters in Erbil. It is licensed by the Central Bank of Iraq and listed on the Iraq Stock Exchange.
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