Al-Rasheed Bank announced on Sunday the launch of a new loan program for the purchase of renewable energy and solar power systems, financed through an initiative supported by the Central Bank of Iraq.
According to the bank, the loans are available to both citizens and government employees, with financing of up to 30 million Iraqi dinars.
The loans carry an annual interest rate of 3%, while the repayment period can extend up to seven years. Borrowers will also be able to benefit from a grace period of up to six months before repayments begin.
The bank said the initiative is part of broader efforts to encourage the use of clean and renewable energy sources across Iraq. The program aims to help households and businesses adopt solar energy systems while reducing reliance on traditional energy sources and supporting environmental sustainability.
Al-Rasheed Bank noted that interested applicants can apply under the terms and conditions set by the bank as part of the Central Bank’s financing initiative.
