Baghdad: Prime Minister Mohammed Shia al-Sudani emphasized the importance of accelerating industrial loan transactions during a meeting aimed at enhancing the country's industrial sector.

According to National Iraqi News Agency, Al-Sudani chaired a meeting on Sunday to approve recommendations for advancing financing procedures for industrial initiative projects. The meeting was attended by the Minister of Finance, the Governor of the Central Bank, and several advisors and committee members. The focus was on reviewing the progress of these initiatives, which are crucial for the government's development policy. A detailed report was presented on the involvement of government banks in the initiative, highlighting an increase in the number of funded projects.

The Prime Minister underscored the necessity of speeding up loan transactions and resolving any incomplete applications. This goal is to be achieved by improving coordination among the Ministry of Finance, the Central Bank, and government banks. The aim is to streamline procedures, ensuring fairness and transparency in granting loans, especially for economically viable projects across different sectors, to bolster national production.

Al-Sudani directed the Industrial Bank to take charge of lending for projects and investment opportunities showcased at the Iraq Investment Forum in Baghdad. These projects are seen as strategic opportunities to boost the national economy and foster public-private partnerships.

He further noted that the Industrial Initiative serves as a national platform to support the private sector, stimulate local production, and decrease dependency on imports. The Prime Minister pointed out that the growing demand for industrial financing indicates a positive shift in the business community's focus toward establishing factories and productive ventures.