Iraq's Region Trade Bank Launches Low-Interest Solar Panel Loan Scheme

Erbil-based Region Trade Bank (RTB) has launched a new low-interest loan programme aimed at supporting the installation of solar panels for residential and commercial customers across Iraq. The initiative aligns with the Iraqi government's national decarbonisation strategy and is funded through the Central Bank of Iraq (CBI).

The loan scheme offers financing between 7 million and 30 million Iraqi dinars (US$4,800-US$20,700), with repayment over seven years and an optional six-month grace period. RTB's move is designed to address Iraq's electricity shortages and promote sustainable energy adoption by making solar energy systems more accessible and affordable.

RTB CEO Ahmed Nowzad said: "This programme presents a great opportunity to promote sustainable development and diversify the energy sources of the country. At RT Bank, we are committed to supporting our customers in building a greener future while fostering economic growth through innovative financial solutions."

As Iraq continues to face severe electricity shortfalls-particularly during summer months when demand surges-this initiative aims to ease pressure on the national grid and reduce dependence on fossil fuels.

Applications for the loans are now open via the government's online portal at www.ur.gov.iq, with further information available through RTB's local branches.