Economy News – Baghdad
The Central Bank of Iraq has convened a workshop aimed at facilitating the acquisition of new power systems.
Key participants included the Director General of the Accounting Department at the Central Bank, members of the Electricity and Energy Committee from the Iraqi Council of Representatives, representatives from the Iraqi Special Banking Association, alongside various banks collaborating on the Central Bank’s initiative to procure renewable energy systems. Licensed companies authorized by the Ministry of Electricity to market these systems were also present.
A statement issued by the Central Bank revealed that the workshop provided a platform to discuss the lending mechanisms and the significant challenges hindering the initiative’s implementation. The Central Bank emphasized the necessity of streamlining the processes for approving loans, thereby enabling broader beneficiary participation. Notably, the Central Bank has previously launched several initiatives aligned with government objectives to decrease carbon emissions, including the renewable energy initiative in 2021 and a recent inclusion of local brick factories in a soft loan program aimed at transitioning from using heavy fuel oil to liquefied gas.
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