Economy News – Baghdad
Central Bank of Iraq Launches Environmental Initiative for Brick Manufacturing
The Central Bank of Iraq announced an eco-focused initiative aimed at the brick manufacturing sector. This announcement aligns with global trends and the operational frameworks adopted by central banks to minimize carbon emissions while fostering environmental sustainability.
According to the bank’s statement, this initiative involves collaboration with the Ministry of Environment to promote clean energy solutions. The primary objective is to facilitate the transition of local brick factories from using traditional, polluting fuels, such as black oil, to cleaner alternatives like liquefied gas. To support this transition, the loan ceiling has been raised to 500 million dinars per factory, accessible through licensed Iraqi banks as part of the renewable energy initiative.
Additionally, the Central Bank has committed to strengthening the Environmental Protection and Improvement Fund with an allocation of 1 billion dinars to combat air pollution and address associated environmental changes. These strategic decisions are designed to meet the demands of green economic development, significantly reducing industrial environmental impacts and promoting a gradual transition toward a more sustainable economy.
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