Thread: Iraq/Dinar News. 09/05 to 01/14/07

Just woke up, brain not functioning, what is dumping?

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Revalreadydang post #277

SGS do you know what this "dumping" means in this article?? Its used in almost every sentence.

Originally Posted by H2O_Lover

I am sure they would be ..not sure i want to be working at all let alone tips as i have a small little sum of dinar inder my bed , the intire goal of all this NOT TO WORK !

...and to provide this orphaned fat girl a house to live in.

Originally Posted by sallyl

Is this anything?

News

Statement Issued from the CBI
Concerning the Acceleration
Inflationary Phenomenon
(Arabic Version)

17/اب/2006

Press Release

The Governor of the Central Bank OF Iraq held a press conference on Monday 26TH of Dec. at 1:00 O'clock PM. , addressing the announcement of the International Monetary Fund granting Iraq credit arrangements in the equivalent of USD 685 million within a stand by agreement , H.E. touched on the benefits Iraq will gain out of those arrangements and economic reforms , also tackling on the agreement with the creditors regarding commercial debt exchange and the write – off of some countries to a large proportion of their debts on Iraq .
H . E . referred to the most critical economic problems Iraq is facing which were left behind by the previous regime and how important the arrangements granted to Iraq are in building an overall stable economy achieving economic development that will facilitates the reintegration of Iraq with the international community .

The conference was attended by Senior Officials from the CBI and a number of audio visual media means with local and international newspaper reporters.

News

Sometimes they get their past and present tense mixed up in the translation but this article has to be last years as the 26th of December fell on a Monday.

Originally Posted by rvalreadydang

Dumping policies in the Iraqi market

Within the framework of the 11th meeting of the table long table presented by Dr. Salim Mohamed Aboud, Associate Director of the Center for market research and consumer protection in the University of Baghdad, a working paper entitled effects of the policy of dumping on the market and the consumer in Iraq, which stated : balancing feature and civilized one of the components of life systems and that any problems in the defense or society or the system or the network of relationships due to the state of imbalance in both components, methods or network relationships. Regardless of the reasons and motives.
يعت .The economic area is one of the most important pillars of social stability and prosperity. Since a breach in the balance of the economic equation and their impact on individuals, society and institutions, as well as present and the future and all aspects of the national security system.
.The policy of dumping represent a multi-dimensional and justifications and the beginning of domination and deepening of the gap in style and to distort the balance of economic and social as well as political objectives.
وهذا.This is reflected on the market and GNP then reflected on the efforts of the whole himself consumers and the pattern of consumer rights and to influence the choices and system protection.
study raises a number of questions
- هل - Is the policy of dumping intent? Does it have a vehicle dimensions?
- هل؟- Is the policy of dumping impact on the food security system for the consumer?
- ؟- Is the policy of dumping harmful effects on the local market in the short and long run?
- سلبية ؟- Who stands behind it? Will always negative effects?
- ماهو - What is the size of the impact of policy options to dumping the consumer public. And their legitimate rights. The United protection?
لذا:-Therefore, the present study aims to answer these questions by addressing the following points : -
-consumer rights and protection methodology
.The second axis-what-dumping policy.
.The third axis-dumping policy effects on the market and consumers.
:.First axis : consumer rights and protection system :.
.Consumer one of the parties is the economic equation. If we assume that not all the world are the producers.
..We can not imagine that there is not one consumer. A person or a society or organization is big or small. Directly or indirectly, has received several definitions in determining who is the consumer.
82.Both in terms of economic, legal, has been known to the consumer protection in Cairo in 1982.
ان..The consumer is the center of all legal activities, which created itself as a partner in the economic system after it knew his rights and economic power in the series and its producers and distributors.
اذا .If Valmesthlk concept includes all users of goods and services directly or indirectly to satisfy the needs or purposes.
.And as long as the consumer to the forms of abuse and exploitation and cheating, fraud and corruption, or the low level of goods and services and non-compliance to the standard specifications, which affected him healthy, mentally and physically, as well as environmentally, as well as the deliberate blurring of their legitimate rights.
.Consumer protection has become an essential civilization. The input of human development. Some believe that the consumer protection takes the social dimension and the political as well as the economic side, in order to link and strengthen the consumer public with a service vendor public interest.
.There can be limited system to protect consumers on the institution or the individual or willing, but the law is a collective responsibility comprehensive integrated with the merits and methods. Protecting consumers represent a social movement activities and consumers in order to protect individuals and raise their parties compared to the human equation in the market and defending the rights and interests of all are subjected to health, property and environment and the rights is not limited to the physical aspects, but legal. This has become a global consumer issue because it relates to humanity and human rights, dignity and the right to life.
after a long struggle crystallized the idea of building the system of consumer rights actors, which started four then became eight. As approved by the General Assembly of the United Nations of these rights in its 39 / 328 in the April 9, 1985, these rights can be increased.
:The review of those rights : the right to one-secure basic needs :
.These needs include food, clothing, housing, health, education, goods and other necessary services.
.To ensure this right, the General Assembly of the United Nations governments to achieve a series of actions such as a regulatory regime and the adoption of specifications and rules and international economic policies and social programs corrective action. The adoption of healthy controls and safe for food commodities.
2- حق الأمان :2-right to safety :
.This means the right to provide protection and safety of goods and services which cause harmful danger to human life therefore must ensure effective mechanisms and enact the necessary laws to ensure this.
3- :3-the right of access to information :
.This means that consumers have access to the information needed to take appropriate options and to provide it with protection from fraud and misleading advertising and false propaganda posters, through the definition and providing information and establishing bases of information to the consumer.
4- :Four-right choice :
.This right includes the freedom of consumers to choose products that wish to purchase goods from among the multiple and at reasonable prices and acceptable.
5- :5-the right to representation and participation :
وهو .It brings to the consumer the freedom to listen to his opinion and participation in the preparation and implementation of policies and take the appropriate ways to develop and strengthen these policies, through facilitating the establishment of organizations and associations and bodies and institutions of consumer protection for the lives reflect the consumer.
6- :6-the right to compensation :
له.This includes the right of consumers to obtain fair compensation in the case of damages of goods and services obtained, and this will be done through legislation and the right of defense contained him.
7- 7-right education :
.This confirms that the individual right to a culture of protecting consumers in order to assist in the optimal choice of goods and miscellaneous services commensurate with the potential of the material. This is done through various outreach programs and participate in the sessions and the media.
8- :8 - the right to live in a healthy environment :
.This ensures the right of the consumer to live in the vicinity ensure him an environment free from pollution, through all the procedures to ensure the balanced development of the use of the environment and its components.
.. والان:The second axis what dumping. Understood. Species :
ان.There are some concepts that may overlap with each other with the differences in concepts and purposes of this diverse, and the process of framing the concept is a gateway to know the scope, methods and effects. And thus be able to study ways cooked or treated.
.The dumping. Of those concepts which, along with a number of concepts from near or far. Or when some people seem so. It may mean the continued provision of goods and services or the sweep or accumulation. On the common-dumping : the sale of goods from abroad, the lower price on the value of which is sold in the local market or sometimes less than cost.
".The latest dumping known as "the introduction of a product to the State at a price less than the normal value. This is intended to support the continuation of the export price in order to control the market and then a monopoly in the next. "
..Dumping and form of invasion or the invasion will occur due to the effort and marketed or different purposes and whether dumping is selling goods in foreign markets for less than the marginal cost. This means that the State or the bear losses in the short term but will in the long-term monopoly of the market and profits, as well as the events following the expulsion of non-declared competitors and to be able to market mechanisms and tools.
لاغراقTypes of dumping policies
:- Dumping and its multiple forms of which are as follows :
- speradie dumping- Dumping charter speradie dumping
.This is not my purpose is the inundation of the target market in large quantities, but for once it may be the result of poor planning or to Have Indiscriminate import or lack of a marketing or produce cases affected the world markets has not been this kind unless they follow a long installments or situation.
.The recurrence of the dumping, but not on a continuous basis and, once again, without continuing the continuum.
- الدائم long-period dumping- Dumping continuous or permanent dumping long-period
.This situation continued flow of quantities and prices and sequentially related with the existence of the plans in order to the long-term objectives.
.This would then have the dimensions and features or features of the dumping of the most important.
- It is intent and objectives. Or it may end requirements continuously.
- .- Source external capacity and potential to assume sacrifice in the beginning.
- .- There is an environment and conditions and the factors and climate.
- منافسة.- Targeting specific markets, a country or a group or competitors.
- الكلي.- There is the possibility of exploring the competition and study the reality of the consumer market and the nature and predictability of the size of the new relationship between demand and aggregate supply.
- .- Has to verify the dumping policy objectives often Matvchel.
- .- Dumping policy have connections and justifications had Atalj only because the laws behind organizations and international companies.
:Dumping and justified from the perspective of those wills or owners who are looking to dominate the economies of globalization or global organizations and international linkages that make the Masaka resolution remains consistently effective as well as the sustainability of the digital civilization. These justifications :
- .- Competitive justification and to exclude competitors.
- .- Justifications marketing is working to penetrate the markets and influencing consumer behavior target.
- .- Economic and social justifications.
- .- Would serve no justification strategy that seeks States or certain quarters.
- .- Justifications and the imposition of political wills to control and control system and other dependency.
- Random variety of justifications may result from poor marketing system, import or reason for the markets of smuggled goods.
المحور الثالث:Third axis :
.The impact of the policy on the dumping of consumer rights and protection system that the policy of dumping the intent motivated and goals behind them countries or organizations, has suffered many of the developing countries to a conspiracy dumping directly or indirectly, as the industrialized countries more than in 2500 on a policy of dumping against developing countries ... Especially in the light of WTO formulated for the purpose of the dominance of the major industrialized countries, which suffer from plenty productive at the same time exploiting the deteriorating situation of underdeveloped countries, which could not catch up with technological advances. As well as the high cost of development and problems of verification in the light of the gap, and the theory of dependency and that there is general agreement on trade and customs duties allow States to use countervailing taxes in the case of dumping ... This was adopted by the WTO as an important exception would enable the developed countries to be used in case of damage to these countries stronger party in products exported by developing countries, while developing countries, including Iraq allows bulk of the practice and application of this consultation, the low elasticity of demand for imports and the urgent need for various types of goods is in the process of development projects or to meet the needs of the population of goods and services ... It has resorted to the methods developed countries discriminated against developing countries, through anti-dumping measures and countervailing duty measures, has found that the rate of 66.6% of total control and dumping action taken during the period (1999-2000) against developing countries.
[As well as the policy of structural adjustment and economic reform, the removal of subsidies on many products, institutions or activities for the purpose of all this globalization of consumption patterns and the opening of markets States unconditionally
.And Iraq from developing countries, which were among the wave of domestication, the description of the economics of vital resources under the control of the monopoly and the ******* of globalization has been Iraq's economy in the lean years to the siege helped introduce distortion to institutions and the process of development and building dispersed Then came the occupation in 2003 did not spare the State nor the institutions, rules and my son and master development programs and scientific tables and the economy and law and control systems. It shook all systems balance both in capacity and capability, the network of relationships or values, controls and ethics. And all the broken infrastructure and the Iraqi market before the attacks Menkshva imports from various countries and different origins, which makes it more difficult to these calls or ill-considered relevant and which demands Iraq's accession to the World Trade Organization and this is part of the recipe, assessments must be implemented. Without preparation, and the establishment of rules to strengthen the competitiveness of domestic production leading to a level to satisfy needs or domestic demand ... And makes the country enters the organization has the potential and ability to identify negotiating options, and so will the future development.
effects of the policy of dumping?
؟What are the trends influence?
؟Is it positive?
ففي..In Figure year that the policy of dumping them on the positives of the market and consumer and local industries, but for the very short ... Whatever the positive impact this constitute the end adversely impact the policy of dumping the local industries is compromised by the impact on manpower, especially technical or specialized Either turn to the work of ineffective or contemplating migration, as well as the independence of the raw materials and then re-export and prevent national industries benefit from local raw materials. As part of the effects of dumping is crawl towards the United National Security through the impact on the food security of consumers and related industries through the use of food as a means of imposing wills Arka and the industrial countries as well as the prices offered by the moderate and appropriate quality and all of this reflected on the balance of the local market, which inevitably reflected on the consumer public.
حمايتهمIn light of the weakness of control systems and the absence of institutions and industries and Abramj to development and stability with the presence of the purposes strategy makes the Iraqi market targeted in the curriculum developed countries of dumping which makes consumer public directly of their rights and options, and system protection
:-In light of the nature of the policy of dumping in the Iraqi market, the consumer has Matardh Iraqi blurring of Rights through the analytical reading can be an indication of the relationship influential body of the policy of dumping and methods on the United consumer rights ... , As follows : -
1- ..1-dumping policy. Athtm or to take into account the balance of the basic needs (food, clothing, housing, health, education and essential services. Etc.) and Atrai justice or equality of opportunity or the adoption of rules and health controls safe. Or take into account the average income or limited or low.
.But look from the perspective of the will of dumping what they aspire to, regardless of whether implications for human needs or desires.
2- .2-dumping policy that is not interested in providing protection and safety of goods harmful caused danger to human life ... Not interested in marketing products stored for long and has lost standard specifications.
3- -dumping policy that is not interested to provide the knowledge and information that allow consumers the opportunity to take appropriate option with the lack of interest in providing protection from fraud and misleading advertising and publicity posters false or troubled.
4- يار.4-dumping policy that might see on the surface, allow consumers the right to choose from during the accumulation and the diversity of goods and services, but in the end, how to reduce the alternatives and options available to the consumer is the success of dumping in the task of expelling competitors target market with inflated prices by monopolists and contrary to the right to choose.
5- ائج.The 5-dumping policy objectives behind countries, companies or organizations Atnzar to the target market and the consumer public as part of the policy-making or the possibility of their participation and listening to the opinion ... But it strategically purposes beyond the view of feeling and the needs of consumers, the challenge for the domestic market from the effects or results of the consumer.
6- .6-dumping policy that the source of external and is often not known or has the capacity to impose its conditions thereby depriving consumers the right to compensation for damages in the case of goods or services obtained and this is reflected upon the United defending the rights of consumers and protect them from any harm and just claim their rights and do not serve as dumping policy.
7- انdumping policy for the promotion of goods Athtm only without considering the right of quality education for the consumer or the development of consumer culture or a degree of awareness about what can be an optimal choice of consumer goods and services.
8- ان-dumping policy for Athtm safety and the environment in which they live Ocean consumer may result from pollution due to waste or certain goods or harmful effects of future goods are issued to the bad target market may accumulate their effects on consumer health and the environment in the long term. Finally,
ان.The policy of dumping stands behind the United domination and the philosophy of the clash of civilizations end of history or the globalization of poverty and thinkers who seek hard to drain and the plundering of resources and the continuation of the digital divide all levels ... As well as the possession of capabilities and the possibilities it could not affect a significant risk in the markets of ancient history attests to the potential seizure and control of the volatility and have the ability to absorb the variables How dumping policy. With market fluctuations have very many elements of development, stability and exposed to all the markets of the world, such as the Arab market.
المصادرSources
1-د1-d. Plasm Jamil Al-Dulaimi ... The economic and social impact of fraud on consumers, the Iraqi industrial Scientific Conference II of the Center for market research and consumer protection-Baghdad University .2006.
2- 20052-d. Salim Mahmoud Aboud. Towards the formulation of strategy for the protection of Iraqi consumer magazine Iraqi papers. Number (3) / 2005
3- د-d. Thaer Mahmoud Rashid ... The problem of food security in Iraq under the policy of dumping and membership of the World Trade Organization Food Security Conference-University of Baghdad - the market research and consumer protection in 2005 p. 39
م-Mohsen Ahmad Hilal. Dumping and Subsidy prevention. The Economic and Social Commission for Western Asia, the United Nations New York 2001
5- . 20055-Nabil Sadoun virgins. The policy of dumping and its impacts on the national industry and the consumer ... The food security-Baghdad University and the Center for market research and consumer protection. 2005
6- د. -d. Fahmi Abdel Aaziz structure. Encyclopedia of economic and statistical data. Dar Al-Nahda Beirut 1986
7- د-d. Hassan Najafi. Economic dictionary. Baghdad 1977

Just woke up, brain not functioning, what is dumping?

ÔÈßÉ ÇáÒæÑÇÁ ÇáÃÚáÇãíÉ - æÞÇÆÚ ØÇæáÉ ÇáãÏì ÇáãÓÊÏíÑÉ .. ÓíÇÓÇÊ ÇáÇÛÑÇÞ Ýí ÇáÓæÞ ÇáÚÑÇÞíÉ

Dumping
1. In international trade, this occurs when one country exports a significant amount of goods to another country at prices much lower than in the domestic market.

2. A slang term for selling a stock with little regard for price.

Notes:
1. Dumping is fought through the use of tariffs and quotas.

See also: Export, Protectionism, Quota, Tariff, WTO



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Originally Posted by mab71

Nuri al-Maliki Meets Prime Minister of Kurdistan

Press Statement Monday 18/12/2006

Prime Minister Maliki met with President Barzani and his delegation to discuss the "draft law of oil and the means to approval and entry into force for the benefit of all the Iraqi people, and centered the oil project to turn oil revenue to the federal treasury, which is distributed to the regions according to population ratios and Mahromih these governorates."

Sotaliraq.com
Reply With Quote

Sotaliraq.com

These two have got to come to an agreement. It's holding up the entire HCL and in turn, our RV!

Should anyone of you guests or outsiders decides to Dump the Dinar????

This is the place, enough buyers here are all ready and willing to take over YOURS!!!...sure, you got to "give in" a little... we ain't fools nor are we impatient either...but just as hard torn and eager for that RV....

Just DUMP your disappointing Dinars to RC Dinaholics... how many millions can you spare....?

Ex-Iraqi Minister Escapes Police Custody

BAGHDAD, Iraq, Dec. 18, 2006
By LAUREN FRAYER Associated Press Writer
--------------------------------------------------------------------------------
(AP)



(AP) The former electricity minister _ a dual U.S.-Iraqi citizen who was jailed for corruption _ escaped police custody with the help of security agents he once hired to protect him, an anti-corruption official said Monday.

Elsewhere in Baghdad, a car bomb killed five people and wounded at least 19 in the southern Sunni area of Sadiya, near a vegetable market. Though no one immediately claimed responsibility, sectarian conflict between Sunnis and Shiites has fueled much of the recent violence in Baghdad.

Meanwhile, the U.S. military announced the deaths of two more American troops, raising to 59 the number of U.S. personnel killed in December. A Marine assigned to Regimental Combat Team 5 died Saturday, and a soldier with the U.S. Army's 1st Brigade, 1st Armored Division died Friday, it said.

At least 2,947 members of the U.S. military have died since the U.S.-led invasion in 2003, according to an Associated Press count.

Former Electricity Minister Ayham al-Samaraie broke out of a Baghdad detention facility Sunday with the help of a group of private security experts, said Faris Kareem, deputy head of Iraq's Public Integrity Commission, an anti-corruption panel. It was al-Samaraie's second escape since he was convicted in October.

Kareem said the security agents were "foreign," but he had no further details.

Lou Fintor, a spokesman for the U.S. Embassy in Baghdad, said U.S. officials were aware of reports of al-Samaraie's escape and had been in touch with him in prison to provide basic consular services.

A Sunni Arab political figure, al-Samaraie was a member of the transitional government set up after the 2003 U.S.-led invasion and led by former Prime Minister Iyad Allawi.

He was convicted on one of 13 charges of corruption against him and still faces trial on the other 12 counts. The charges all concern an estimated $2 billion in funds for contracts on rebuilding the country's electrical infrastructure that went missing.

Al-Samaraie is also believed to have had contacts with Sunni Arab insurgents and has tried to persuade them to put down their weapons and join the political process.

After his first escape, a few days after his conviction, Iraqi officials caught him at the Baghdad airport with a Chinese passport, Kareem said

18 December 2006 (Azzaman)

A Japanese business delegation has arrived in the Kurdish city of Sulaimaniya to discuss what Japan can do to reconstruct the Kurdish region.

The delegation has met Sulaimaniya’s governor, Dana Majeed who asked the members to expand Japanese aid to the region.

Iraqi Kurds, who have carved up a semi-independent enclave of three provinces, are keen to see Japan increasing its contribution to the reconstruction of their region.

Majeed told the delegation that the Kurds would welcome Japanese firms willing to invest in their areas.

Unlike the rest of the country, the Kurdish region is relatively quiet and tens of thousands of Iraqis in the central and southern parts of Iraq have fled there.

The region, comprising the provinces of Dahouk, Arbil and Sulaimaniya, is home to several foreign firms which could no longer operate in Baghdad or other cities due to violence.

Currently, there is a flurry of construction in these provinces and several foreign firms have contracts to rebuild the region.

Western non-governmental organizations, particularly relief groups, work freely in Kurdish areas.

Japan business delegation in Kurdish north | Iraq Updates

Originally Posted by Socata 850

Number of banks 8 -----
Auction price selling dinar / US $ 1388 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 12.095.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 12.125.000 -----
Total offers for selling (US $) ------


Goooooooooooooood Morning RolClub !!


Another 12 points on this auction. Can you believe these numbers. A greater drop in the dinar from yesterday and yet the volume at the CBI is even less. This ought to wake up those jerks at Time, Newsweek, NY Times, Washington Post and all the other mainstream press that had such blinders on for the past three years. I agree with Knowles and another poster that from an acounting point of view it does not make sense to reval in the middle of an accounting period. End of year, end of quarter etc makes alot of sense to me. End of year seems logical. I have two theories on what could happen next, I'll post them below.


1. The dinar to the dollar is down 12 more points today from 1400 to 1388

2. Another $12,125,000 (net) worth of dinars, (IQD 16,787,860,000) out of circulation

3. 8 banks participating.

4. 46th auction since the beginning of CBI's reval plan

5. 79 days into the CBI's reval plan.

6. 2,802,489,087,000 dinars pulled from circulation !!

7. No Dinars back into circulation today again !!

8. 89 dinar change since Nov 1st (baseline was 1477) 6.025% increase in value of the dinar since beginning of reval plan.

Theory 1.

Shark Fishing,

When you fish for sharks, you chum the water with blood to bring in all the sharks. If the CBI has reached or is very near their goal for recovering dinars from the economy, now they want the feeding frenzy to begin on the dinars that are outside of Iraq and being held by speculators. Just the speculation alone on the remaining dinars could help drive up the price without ever having to raise the rate from the CBI's point of view. The amount of money that could pour into the CBI when they go international could extremely limit the CBI's liability against their currency reserves and the traders could carry the brunt of the "Exchange Shock".

Theory 2

Bait and Switch.

Lower the value of the dinar to say a level of 1000 to the dollar, hold it there for a few days then bounce it back up to say 1150 tor 1200. Can you imagine how many people would think they had missed their opportunity at least to break even on their investment and they would panic and sell off some or all of their holdings. This might bring in another trillion or so dinars to the CBI. Just a theory, will see what happens in the near future.

Can you believe the miracle we are witnessing right before our eyes !!

On theory #1... At what level or at what time could we see this on Forex. Or for better understanding, what drives this currency to forex???? Does a currency just show up on Forex or is there a process it has to go through.

The Iraq Company for Bank Guarantees Launches Operations

14 December 2006 - The first ever Iraqi-owned loan guarantee facility, the Iraq Company for Bank Guarantees Ltd (ICBG), officially commenced business operations in November 2006. SME loan applications presented for guarantee coverage review and appraisal in the first month of operations totaled US$450,000.

Using progressive lending methodologies and sound banking practices, ICBG’s professional staff is actively engaged in analyzing and processing eligible SME loan-guarantee applications from participating Iraqi Private Banks from the following sectors; Agriculture, Construction, Manufacturing, Services, Trade and Tourism. The loan volumes range between the ID equivalent of US$5,000 to US$250,000 for:

working capital loans up to 360 days in tenor; and
fixed asset loans from 1 to 5 years in tenor.
The ICBG was established with technical assistance from the USAID IZDIHAR project and support from the Central Bank of Iraq in recognition of the important role such a financing concept plays in developing the local lending market. ICBG is owned and capitalized by eleven Iraqi private banks with paid-in capital presently standing at US$3.7 million. Significant expressions of interest to join in the capitalization of the company have been received from three additional banks recently. Outreach to the remaining private banks continues, with the goal of formalizing an ongoing relationship with all 26 licensed banks in Iraq.

ICBG is fostering among the Iraqi private banks an SME lending capacity, to shift from an asset-based to a cash-flow-based lending methodology, and development of healthy corporate governance and loan administration practices.

As well, ICBG-guaranteed loans offered by participating banks are:

enhancing access to credit for eligible small medium and micro-sized companies;
increasing the ability of Iraq’s small and start-up businesses to grow and generate new jobs; and
assisting private banks to develop new market sectors.
The company provides guarantees to banks in Iraq and does not deal directly with SMEs. The Iraqi private banks handle the marketing, distribution, and administration of the guaranteed loans, and such loans are the financial assets of the banks. Certification is required from the presenting bank that due diligence and normal underwriting was completed in order to protect ICBG’s interests in accepting the risk of providing the guarantee on these loans.

The amount of the ICBG loan guarantees will vary with the risks that are ascertained, on a loan by loan basis. The guarantee applications submitted during the first year of operations may be granted coverage up to 75% of the approved loan amount, thereby ensuring that there be an incentive on the part of the banks to administer the loans properly because they have risk exposure. Accrued interest is guaranteed for a period not exceeding 90 days.