On Saturday, Day 6 June 2009 met the company's banks to contribute to Iraq to finance projects of small and medium-sized enterprises in the building trade for a draft economic development in the provinces. And managers attended the meeting of the commissioners to contribute to Iraqi banks and the banks and 9 confirmed the presence of Mustafa Shirwan appointment as Managing Director and to the new Commissioner by the Commissioners that the managers review the plan of action for the first year.
After its foundation in the past month, the Iraqi company is seeking to finance projects of small and medium-sized to the use of foreign investment funds to lend to small and medium-sized enterprises, through the banks to contribute to the company to activate the process of development of the private sector. There are some in Iraq for a small project and 700000 and the average in each of them working almost 23000 employees. By banks expected to contribute to the company's flow of funds to allow lending to expand the content of small and medium-sized enterprises existing and establishing new businesses.
Will trade a draft of the U.S. Agency for International Development to provide seed capital and $ 6 million to the Iraqi company for financing small and medium enterprises for the loan, through specialized units to lend to small and medium-sized enterprises of the banks to contribute to the company and these funds will be used to finance eligible borrowers for the benefit of 10% at least by 35% over the prevailing market prices.
We have Mr. Shirwan Mustafa, managing director of the company to finance Iraq's small and medium enterprises, saying "I simply can not a lot of business interest payment amounting to 16-18%, but they are able to pay interest of 10%. We hope to contribute to this source of funding to the creation of competition more and lower interest rates further. "
And the contribution that the banks will receive the initial allocations of the capital of bank lending and Bank of the Gulf Bank of Sumer and Assyria and the north bank and the Bank of the Middle East and the Bank of Baghdad and Al Ahli Bank and Bank of the Bank of Basra and Mosul. The draft trade of the U.S. Agency for International Development, which helped in the establishment of the Iraqi company for financing small and medium-sized enterprises by encouraging private sector development and job creation in Iraq by supporting sustainable microfinance and bank lending to small and medium-sized enterprises and business development services and encourage investment and trade policy reforms and accession to the WTO. Trade project of the U.S. Agency for International Development, with government institutions and business organizations and local leaders to Taatzafar efforts and energies to improve the working environment and expansion of the private sector and the development of other common goals.