# Al-Alaq: CBI’s housing lending initiatives have reached about 11 trillion dinars

Economy

- 25-05-2024, 20:37
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Baghdad - INA
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, announced today, Saturday, the launch of the national strategy for bank lending in Iraq.
A statement from the Central Bank received by the Iraqi News Agency (INA) said: “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, launched the national strategy for bank lending in Iraq 2024-2029, in the presence of a number of officials and representatives of diplomatic missions and organizations in Iraq, in cooperation with the German Agency for International Cooperation.” (GIZ)".
Al-Allaq stressed in a speech he delivered during the celebration, “The lending strategy started from the pivotal role of the banking sector in the financial system, by acting as an intermediary between depositors and borrowers, and through it, supporting economic growth, strengthening the business sector, and helping individuals achieve their needs and ambitions are achieved, indicating that bank lending It is the cornerstone of economic activity, driving growth and achieving well-being.”
He added, "There is an urgent need today to stimulate and diversify the Iraqi economy, stressing that the Central Bank of Iraq's housing lending initiatives that it launched through the Real Estate Bank and the Iraqi Housing Fund have reached about (11) trillion dinars."
Al-Alaq stressed the need to expand the base of financial inclusion in Iraqi society, especially expanding the activities of small and medium-sized companies, which are the backbone of the economy, pointing out that “employing the workforce is a matter of interest and focus for the Central Bank and the continuation of its initiatives for small and medium-sized enterprises, which will culminate in the launch of the supported Riyada Bank by the Central Bank of Iraq and with the contribution of private banks.
He stated, “Developing and implementing the national lending strategy for the years 2024-2029 requires cooperation between a wide number of relevant parties and shared interests, to achieve the desired goal.”

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