The Central Bank of Iraq (CBI) has introduced new updates to its lending programs aimed at helping businesses grow and supporting renewable energy projects across the country.
The bank said these changes are part of its National Banking Lending Strategy for 2024–2029 and are designed to make financing easier to access, encourage private sector growth, and improve financial inclusion in all Iraqi provinces.
One of the key changes is an increase in the financing limit for small and medium-sized businesses. The goal is to give more entrepreneurs and companies access to funding, help reduce the financing gap, support productive and service-based projects, and create more job opportunities.
The CBI also expanded its renewable energy financing program, with a strong focus on solar energy. The initiative aims to encourage wider use of clean energy, reduce pressure on Iraq’s electricity grid, and lower carbon emissions. Through concessional financing, citizens, businesses, and institutions will have better access to renewable energy systems and technologies.
In addition, the central bank announced new measures to make borrowing easier. These include simpler financing procedures, faster application processing, and the participation of more banks in developmental lending programs. The CBI said it will also provide support and guidance to project owners to help them access financing more efficiently.
The new steps reflect the bank’s efforts to boost economic activity, support private sector development, and encourage investment in sustainable energy solutions across Iraq.
