| 2007: Iraq Cabinet approves SME lending program |
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6/18/07 The Iraqi Council of Ministers have announced the approval of a lending program for citizens pursuing small and medium projects (SMEs), by which Iraqi banks will secure the loans under a guarantee from the Finance Ministry. Moreover, the Iraqi Cabinet set individual loan value at US$40,000 at six percent annualised interest, of which four percent will be borne by the Finance Ministry and two percent by the lenders. Meanwhile, an official source revealed the Cabinet also approved a project to build a gas turbine electricity generation station in Najaf, at a cost of US$55 million, with an output capacity of 22 Megawatts. The source said a contract was due to be signed soon with an unnamed company to carry out the build. Source: Iraq Development Program |