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Emirate companies offered participating with their capital
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Translated by IRAQdirecotry.com - [5/4/2007]
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Board chairman of the Iraqi Company for Bank Guarantees, Wadee'
Alhandal welcomed a request made by the Emirate companies to enter into partnership strategy, and added that it is a step that will activate the program established by the company's board in two meetings in each of Irbil and Amman, which imposed expanding the company's activities in a way that develops its capital and provides opportunities for investment in various productive sectors.
He added that authorities are considering the offers of Emirate companies allowing them to enter into partnership with his company which is scheduled to transfer from a private company to a shareholding company putting its shares for public subscription. He explained that there are other Iraqi banks that will join the company in the current year, to become more representative of the Iraqi banking sector which was undergoing radical transformations to strengthen its role in the process of development and construction.
Alhandal, who also heads the board of "Ashur International Bank for Investment" which is one of the Iraqi banks and partner in the company, said that more than 20 local body applied for loans from the company to implement projects in the areas of industrial, agricultural, service sector, construction and tourism; pointing out that the "Prosperity Project" funded by the "American Agency for International Development", which is specialized in developing Iraqi private sector activity offered a contribution to the company of 500 thousand dollars, explaining that so far $ 1 million in loans were given to about 60 projects varied in size and activity throughout Iraq, and they were granted by Iraqi banks which are sharers in the company.
Double loans
Alhandal expected to double the volume of loans granted by the company to the projects very soon, and added that "Kurdistan region might be the main arena for the company's current activities due to the size of the projects in it, but the restoration of the security situation in the rest of Iraq will contribute greatly to the rapid pace of loans provided by the company".
He explained that the company's capital will double in a high rate, in light of the widening base of the funding needed by the projects to be implemented in different regions of Iraq.
Alhandal pointed out that Kurdistan experience in development deserves contemplation and study since it expresses the region's need for various projects and means of attracting capitals to invest in it; it is an experience rich of results experienced by each visitor to the region.
He explained that all Iraqi banks are applying for opening branches for them in the provinces of Kurdistan, hoping that the local
authorities: "will support such a move, which would contribute positively to activate the economic and banking activity to serve the march of development".
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