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1300 loans for industrial projects in Baghdad
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Translated by IRAQdirectory.com - [9/1/2007]
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An official source at the General Directorate for Industrial Development, a subsidiary of the Ministry of Industry and Minerals, said that the Directorate granted nearly 1300 loans for small and medium industrial projects for the industrialists of Baghdad as a result of Cabinet's allocation of $20 million for facilitated loans to support industrial enterprises in the private sector.
As the source explained in a statement issued by the Ministry of Industry and Minerals, “The loans ranged between ID10 and 25 million dinars for each project across all industries, with repayment over four years at 2% interest," but didn't specify when they were disbursed.
The statement added that "these loans apply to just 20% of the total enterprises registered in the Directorate in Baghdad, with eight thousand fully incorporated industrial projects in its database of detailed and exhaustive information."
He explained that there is a specialized committee within the Directorate of Industrial Development called the Federation of Industries and Internal Ministry Inspection which scrutinizes information provided by the owners of those projects in conjunction with existing Directorate data. The Directorate ceased distribution of applications for the loan program, begun last April 29, after it reached nearly two thousand forms.
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