Shafaq News / Iraqi economic expert Hussein Al-Hanin unveiled the intricate details behind the establishment of the first-ever financial center in the province of Diwaniyah. Al-Hanin affirmed that this development would usher in an economic revolution for the region.
Al-Hanin, the visionary behind this pioneering project, conveyed to Shafaq News Agency, "The concept of establishing a financial center is a novel and unprecedented idea in Iraq, and it was initiated due to longstanding efforts to establish branches of the Trade Bank of Iraq and the Industrial Bank in Diwaniyah."
He further emphasized that "the financial center will occupy an expansive area of 6 acres, strategically located south of Diwaniyah's city center and in close proximity to public markets."
Elucidating further, he stated, "The center will house four banks, namely Rafidain Bank, Rasheed Bank, the Industrial Bank, and TBI. Additionally, there may be a distinct fifth private bank." Al-Hanin pointed out that "banks naturally seek distinguished locations, and this designated space is primarily designed for financial services.
The center will also feature a stock market and a market specifically catering to the needs of banking companies. Moreover, the facade of the financial center will showcase renowned international brands, marking their debut in the province of Diwaniyah. Furthermore, the center will incorporate a three-story underground parking lot."
Al-Hanin stressed that "some may assume that the funds for establishing the center would come from the budget. However, in reality, its financing will be preceded by negotiations with the Trade Bank of Iraq. If the funding ceiling surpasses the limits permissible for the management of the Trade Bank of Iraq, it may be necessary to present the project to the Council of Ministers through the governor of Diwaniyah to obtain the council's approval for financing."
The project's visionary highlighted the specific benefits that the center would bring to Diwaniyah, stating, "The significance of this center in Diwaniyah lies in facilitating project-related matters, providing loans, activating the workforce, and revitalizing the circulation of capital within the province. Diwaniyah is not impoverished; rather, it requires a comprehensive renaissance that harnesses its existing economic resources for the benefit of its inhabitants."