Investment Commission Signs Deal with Al-Rafidain Bank to Fund Basmaya Housing Units

The National Investment Commission (NIC) announced on Sunday the signing of an official contract with Al-Rafidain Bank. The agreement aims to launch individual loans for citizens registered as beneficiaries of housing units within the Basmaya Residential City project. This step underscores a serious commitment to accelerate the implementation pace of this project, considered the largest of its kind in the country, according to the NIC's Department of Relations and Media. The contract was signed by the Head of the National Investment Commission, Adel Dakhel Al-Yasiri, and the Director-General of Al-Rafidain Bank, Ali Karim Al-Fatlawi. The agreement establishes a practical framework to regulate the mechanism for disbursing financial amounts in successive installments. This ensures high flexibility and full fluidity in transferring beneficiary name lists from the NIC to the relevant Al-Rafidain Bank branches. This process will commence upon the completion of necessary legal procedures, ratification of the contract and its annexes, and the settlement of financial dues for the executing company, in accordance with approved mechanisms. Subsequently, Al-Rafidain Bank will begin its auditing procedures and grant loans sequentially upon receiving the data from the NIC. This paves the way for inviting eligible citizens to their respective branches to sign contracts and facilitate their access to the required financing. The National Investment Commission reaffirms its continuous coordination and diligent follow-up with the bank's management to ensure the swift completion of transactions and meet the aspirations of thousands of Iraqi families seeking to fulfill their suitable housing requirements.