Baghdad – WAA
The Real Estate Bank announced today, Tuesday, that it has raised its capital to 500 billion dinars, while indicating that the Central Bank has postponed loan deductions for five years.
The bank’s director, Abbas Al-Jawahri, told the (INA): “The Real Estate Bank increased its capital by 500 billion dinars after it was 50 billion dinars,” indicating that “this will increase the bank’s activity in financing investment projects and lending to citizens to buy housing units.”
He added that “a number of governorates have been financed,” noting that “we will liquidate all previous approvals for loans, and reopen applications for citizens to obtain according to a well-studied and prepared plan.”
He stated that “the new Central Bank initiative includes postponing deductions for 5 years for loans, which allows freedom to circulate funds,” noting that “the Real Estate Bank is the first in Iraq to launch an electronic collection service to facilitate the procedures for repaying citizens’ loans.”
He stressed “proceeding with the procedures to automate the bank’s work.”