The Iraqi Company for Financing Small and Medium Enterprises participated in the conference “Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” Held in Baghdad in the presence of a large number of Arab banking and economic officials.
Mr. Muhammad Al-Handal, Executive Director of the Iraqi Company for Financing Small and Medium Enterprises, told Ashur News, “Our participation as an Iraqi company for financing small and medium enterprises is in this important conference held between the Union of Arab Banks and the Association of Iraqi Private Banks and under the auspices of the Central Bank of Iraq.”
Al-Handal added, “The Iraqi Company for Financing Small and Medium Enterprises is one of the important institutions in the financing sector for micro, small and medium enterprises. We have been present in the market and licensed by the Central Bank of Iraq since 2009. We work under the supervision and control of the Central Bank and have financed more than 6,000 projects with a credit portfolio amounting to approximately 95 million dollars.”
He explained, today, within the Iraqi government’s directions to eliminate unemployment, new solutions must be come up with, including heading to the labor market by financing small and medium enterprises and not relying on government employment, indicating that our participation in these conferences is to benefit from the existing expertise in the region and we are working to train human cadres through Providing international programs and standards.” Al-Handal expressed his hope that in the coming periods there will be companies supporting lending work in Iraq through insurance companies and guarantee companies.