World Bank supports the financing of the Iraq Commercial Corridor Project

24/04/2013
The Ministry of Housing and Construction it had begun moves to secure the necessary funding for the project corridor Iraq trade with neighboring countries, the World Bank expressed its readiness to support it.

A spokesman for the ministry Sinan Abdullah and Housing and Construction Minister Mohammed Darraji recently held talks with the Islamic Bank in Saudi Arabia to provide technical and financial support for the project.

The Commercial Iraq corridor project of strategic projects that will provide Iraq's economic and trade corridors with the countries of the world and will make Iraq as a link between the north and south. The adviser said the Ministry of Finance Hilal Taan that such a project costing $ 30 billion and Iraq can secure the $ 10 billion maximum.

Despite the fact that the Iraqi budget for 2013 amounted to $ 118 billion, but observers believe that Iraq will not be able to bear the costs of trade corridor project alone. Taan stresses the need for neighboring countries to contribute in accomplished, pointing to the enormous economic benefits that Iraq would gain if the implementation of the project.

With 31 private banks in Iraq, but this bank seems unable to contribute to the financing of large-scale projects as a corridor Iraq, international trade, and affirms President of the Association of Iraqi private banks Abdul Aziz Hassoun that the government's plans failed economic was the reason for the lack of involvement of private banks within their projects.

It is worth mentioning that this project will be the first of cooperation with neighboring countries for the establishment of motorways with it and develop the volume of trade, economic and tourism.


http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.4.hathalyoum.net/iraqnews.php%3Faction%3Dsit%26cd%3D0%26sid%3D194807&usg=ALkJrhiAv_20bFMsckO43Heg8Mlnw743PA