The Iraqi Private Banks League announced that the Central Bank of Iraq launched an additional IQD0.5 trillion to the financing budget for small and medium enterprises.
This step will contribute towards the activation of the private sector and will enhance job opportunities among the youth, according to the League, Iraq-based Al Mada Press reports.
The Iraqi Private Banks League reveals in a statement that the “Head of the Central Bank of Iraq, Ali al-Allaq, has launched a new initiative on the occasion of World Peace Day, adding an additional IQD0.5 trillion to the one trillion dinars allocated to finance SMEs.”
“The loans are being granted through private banks to enhance job opportunities among the youth who own small projects, which will lead eventually to stability in the society,” the league points out.
It adds: “This initiative enhance the role of the private sector, develop small and medium enterprises and increase job opportunities.”
It is worth mentioning that the Central Bank of Iraq allocated IQD1 trillion for SMEs, to be distributed by private banks in an attempt to revive the Iraqi economy under the current circumstances.
(IQD1 = AED 0.0031, at the time of publishing)