Iraqi Commercial Bank: civil and private banks need to broaden the base of their work

Posted by on Oct 28, 2013 | Leave a Comment

14/10/2013 18:43
The Iraqi Commercial Bank said on Monday, private banks and the need to broaden the base of their work and the practice of bank credits and bank wire transfers, saying that state banks can not provide loans to investors to ensure the ground.

The Director of the bank Hamdiya dry for “tomorrow’s Press,” that “private banks and private urgent need to expand the base of its work and practice credits banking and bank drafts and providing financial services to investors and customers to enjoy the confidence of the foreign investor who wishes to work in Iraq.”

Dry considered that the “state-owned banks can not provide loans to investors to ensure the ground for the simple reason that most of the projects referred to it by the government located on land belonging to the government”, wondering saying the “How can the government to give the bank loan for this investor.”

The dry added that “This situation highlights the need to develop the private sector of eligibility banks to provide guarantees and liquidity for the investor to be able to realize the project,” noting that “a small number of private banks have succeeded in providing these services to customers.”

It is noteworthy that the main tasks of the Trade Bank of Iraq is the protection of Iraqi funds and support of the Iraqi economy and finance investment projects.

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