The Central Bank of Iraq (CBI) Enhances Support for Environmental Initiatives
The Central Bank of Iraq (CBI) has made a strategic decision to elevate the loan allocation for environmentally friendly initiatives to 500 million dinars. This funding is intended to support block factories that opt to utilize liquid gas derived from silk oil as a cleaner energy source.
In a statement issued on Sunday, the CBI emphasized that block production facilities across Iraq can access renewed energy loans designed to facilitate the transition from heavily polluting energy sources, specifically black oil, to cleaner alternatives such as liquid gas. This approach aims to mitigate environmental pollution levels.
The central bank clarified that the enhanced loan amount of 500 million dinars will be available to each qualified factory, with disbursement facilitated through Iraqi banks.
This initiative is part of a broader effort to combat climate change effects in Iraq, which is ranked among the top five countries globally most impacted by climate change. The CBI’s measures will include financial assistance to citizens and institutions aimed at installing solar energy panels for electricity generation.
To further its commitment to environmental protection, the CBI has pledged an additional one billion dinars to support the Environmental Protection Fund, targeting pollution and other environmental challenges. The bank emphasized that its initiatives to reduce carbon emissions and promote renewable energy solutions will be implemented in collaboration with the Ministry of Environment.
