In 1935 AD, the Agricultural Industrial Bank was established, and then this bank became independent as an industrial development bank in 1946 AD in order to develop and advance the national industrial sector in Iraq.
During those years, the bank was able to be a cornerstone in the renaissance of the private sector and the development of the national economy.
The Industrial Bank offers many loans to its customers such as car loans, housing loans, education loans, as well as commercial loans and industrial loans. Since our goal is industrial loans, we will discuss them here in some detail:
Industrial loans:
These are loans provided by the bank to industrialists who hold an Iraqi Federation of Industries ID or an ID issued by Industrial Development, with an interest rate of 6% annually, in return for a guarantee reserved in favor of the bank for a period of (4) years in annual installments.
Maximum and minimum financing:
The Industrial Bank of Iraq grants a maximum of 20 billion Iraqi dinars to finance projects at a rate of 80% and an interest rate of 4% for ten years. Note that the minimum financing is 150 million Iraqi dinars.
The requirements vary and differ according to the loan applicant. For example, individuals are required to provide an ID card, a nationality certificate, 3 personal photos, and a residence card. As for companies or factories, the bank requires other conditions, such as: a feasibility study, audited budgets, a certificate of authenticity, etc.
