Sunday, 21/08/2011
Forecast the spread of private finance companies
To its importance in supporting economic development programs
بغداد – الصباح BAGHDAD - morning
Economist predicted the expansion of established companies and the proliferation of private financing SMEs in the coming years due to their importance in supporting economic development programs.
The Director-General in the Iraqi Central Bank: Walid Abdel Nabi Idi important that these companies create jobs for the unemployed and providing the requirements of large projects because they complement the work of the banking sector, especially in areas where there are no bank branches Kalnuaha cities and rural areas.
He explained that the Directorate General of control Abifah and credit of the Central Bank of Iraq and put its instructions to organize the work of the institutions providing small loans, medium-and passed these instructions by the State Council in the year 2010 to the proliferation of such projects to their importance in providing jobs for the unemployed on the one hand and support to the industrial economy in the country.
Continues ..
He said the directive stipulated that the minimum capital-funded joint stock company for small and medium-sized 2 billion dinars, and companies limited 1 billion dinars, which require modest amounts compared to the requirements of the development of small and medium enterprises.
He explained in an exclusive interview (morning) that those instructions set minimum and maximum amount of each loan in addition to the possibility that the company issuing a bond loan for the development of their financial and capital in accordance with the provisions of Article 77 of the Companies Act No. 21 of 1997.
It also approved the instructions to receive lending companies for grants and donations from within and outside of Iraq after the approval of the competent authorities have the right to borrow from the inside and outside Iraq in Article 5 stipulates the obligations of the company and controls the granting of loans to be provided by them to ensure the recovery of these loans and to achieve sobriety company's financial and preserving the rights of shareholders.
The instructions indicated the possibility of canceling the license granted to these companies when committed serious violations that would cause severe damage to the Iraqi economy.
Also Section (6) conditions of membership in the board of directors and article (9) audit and inspection provisions governing these companies.
And on the question of how the popularity of such companies said Idi Poor turnout at the present stage because of the limited terms of lending.
He predicted the coming years to see a high turnout on the establishment of such companies as an integral part of banking work, especially in areas where there are no bank branches Kalriav, villages, counties and some districts.
He said that such an opportunity could not compensate for the financial investors to reconsider a decision has been reached on the establishment of such important companies and is relied on developing the capacity of the national economy by supporting small and medium enterprises which form the mainstay of the economy through the provision of supplies up and absorb unemployment, and the two goals key at this point.
He pointed out that the CBI supports these companies to achieve the goals noted it, because the potential role of small loan companies will be big on the short and medium term to the simplicity of procedures that are approved by corporate funding compared to the long procedures for banks.
And stressed the importance of such companies in securing access various social strata to soft loans to ensure that the development in various economic sectors and improve the incomes of citizens. In answer to a question about the reality of small and medium enterprises in Iraq, he said Idi has adopted a state different criteria for defining small and medium enterprises is the most important Number of employees, assets, sales, level of investment, but the most common is the number of employees.
and that there is disagreement about the minimum number of employees for example, in Germany no more than (49) in the business and in England (200) and there are countries settled in to take into account the principle of the volume of investments. He noted that the Organization of the United Nations Development Organization (UNIDO) defines small businesses as those run by one owner take care full responsibility and the estimated number of employees of the (10-50) workers of small businesses, either medium enterprises that employ between (50-100) worker in Iraq, the definition adopted by the Central Bureau of Statistics, the small industries that runs from the (1-9) workers and the value of machinery and equipment which more than one hundred thousand dinars, while the middle of the Fastgl (10-29) factor and the value of property more than 100 thousand dinars.
He called Idi Walid Abdel Nabi to the need to establish a corporate finance small and medium enterprises for its substantial role in the near future and the promise of great opportunity.
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