Council of Ministers issued a decree required bank Rafidain and Rasheed promoting micro-credit transactions in accordance with the approved mechanism.
The Council of Ministers in a statement that he instructed the bank Rafidain and Rasheed promoting small loans for demanding transactions in accordance with the approved mechanisms, in addition to private banks.
The text of the Council of Ministers’ decision to agree to accept toensure that the sponsor guarantor of state employees for loans granted by private banks to borrowers of employees, and when the breach of the borrower is guaranteed an obligation to repay the loan, the Ministry or entity is associated with the Ministry to recover the outstanding loan amount of the employee’s sponsor, according to ratios and assets of deductions on the employee sponsor submit a written undertaking to the bank creditor Palmuaqhaly deduction amounts from Roatbh when breach of the debtor to pay the debt earned his trust.
The Cabinet approved the launch of micro-credit in order to activate the market, the private sector, which will contribute to the continued high credit rating of Iraq World.
It should be noted that the Rafidain Bank announced about two months ago to provide financial facilities for the owners of small and medium-sized enterprises, up to 25 million dinars in order to local national product and industry development.