Five private banks to extend loans to employees in Kurdistan Region

ERBIL, January 8 — Starting in early February, government employees of the Kurdistan Regional Government (KRG) can obtain loans from five selected private banks in Iraq.

Repayment plans for the loans are set at five years.

The loan amounts offered to applicants range from five to 40 million dinars, with Iraqi Prime Minister Mohammed Shiaa’ Al-Sudani designating five banks for the initiative, as confirmed to 964 by Jamal Kochar, a member of the Iraqi Parliament’s Finance Committee.

Kochar indicated that the interest rate is capped at 6.99 percent per annum. The Prime Minister had specifically urged that the interest rate not surpass seven percent.

Employees are required to establish a bank account with the same institution facilitating the loan process.