Rasheed Bank offers seven-year solar loans
Shafaq News- Baghdad
Iraq’s Rasheed Bank on Sunday launched loans of up to 30 million dinars ($23K) for renewable-energy and solar-power systems, with repayment terms of up to seven years at 3% annual interest.
The bank said the Central Bank of Iraq (CBI) is financing the loans, which are available to citizens and employees and include a grace period of up to six months. The program aims to “expand the use of clean energy and reduce reliance on conventional energy sources.”
On July 27, Parliament recommended that the CBI coordinate with state and private banks to provide subsidized or interest-free financing for citizens installing solar systems, with longer repayment periods and simplified guarantees. The CBI had said on June 24 that its renewable-energy financing initiative remained active and that it was working with government bodies to simplify financing procedures and expand access.
