Facilitating access to green energy: New loans available to all Iraqis
Shafaq News/ On Sunday, Iraq's Al-Rashid Bank unveiled a new loan program to support the purchase of renewable energy units.
According to an official statement, the initiative is being launched in coordination with directives from the Cabinet and the Ministry of Finance.
The loans, available to all citizens, both employees and non-employees, range from 5 million ($3,801.99) to 20 million Iraqi dinars. Repayment terms extend over five years, with a fixed interest rate of 5%.
Employees can apply using a MasterCard, while non-employees are required to provide a guarantor whose salary is exclusively deposited with Al-Rashid Bank.
The announcement comes amid Iraq’s ongoing electricity crisis. In March 2025, the US administration ended a waiver that had allowed Baghdad to pay Iran for electricity imports, placing additional strain on the national grid.
The country has since been exploring alternative energy sources, including plans to add more than 15,000 megawatts of capacity through domestic and renewable energy projects.
