Development of investment bank supports the government infrastructure projects, high cost

Admin Wed Jan 29, 2014 9:47 pm

29.01.2014

Baghdad - Revealed the National Investment Commission, as the pursuit of the country for the development of investment bank government contributes to the financing of infrastructure projects, large and employ funds private companies, noting that it is part of a series of "adjustments deliberate" on the investment laws, which will be presented to Parliament in the new session to create more jobs and diversify non-oil economic activities.

The head of the Sami al-Araji, said in an interview, told "Reuters" I have read it (the long-Presse), on the sidelines of the (Second World Congress on the financial and banks in Iraq in 2014), which will be held in the city of Dubai, for a period of (27 to 28 of January current) , under the auspices of the Iraqi Central Bank, said that "Iraq is planning to introduce a government investment bank to help finance infrastructure projects, large funds and recruit private sector companies," adding that "the new bank, which will be called Bank of Investment and Development of Iraq.

The Chairman of the National Investment Commission, that "the new bank will receive during the period of seven years, and one percent of the allocations of the annual budget of the state," noting that there is "a proposal in this regard will be sent to Parliament for the necessary approvals for the new bank and methods of funding.

He believed al-Araji, that "the existence of an investment bank in the country can contribute to the financing of infrastructure projects, many planned by the state and needs funding to tens of billions of dollars," pointing out that "the proposal to develop the bank is part of a series of amendments to deliberate on the investment laws that will be Parliament later.

The Chairman of the National Investment Commission, that "the bank expected would help finance small and medium enterprises that the government wants development to create jobs with the diversification of economic activities of non-oil," likely possibility

"was a proposal to establish a bank during the legislative session new, especially that parliamentary elections will be held in the thirtieth From next April.

The al-Araji, that "Iraq needs for this bank with government funding, to push the national economy forward," and added that "the current commercial banks do not have sufficient skills and experience of banking.

The agency said that "banking experts are preparing local and international banking system primitive and inefficient in Iraq has hampered efforts to recruit and investment funds in the country.

The governor of the Central Bank and the Agency, Abdul-Basit Turki, had announced (17 December 2013 the past), for organizing the (Second Annual Conference of the financial sector in Iraq), the end of January 2014, in the Emirate of Dubai, in line with the growing strength of the growth of economic development in the country, noting that the conference aims to display Strutijeth of financial and economic development, and attracting investment and foreign banks for the country, while official confirmed banker Briton, on the importance of the creation of "comprehensive development" of infrastructure finance and banking Iraq to assign the economy "is large and the process of an ambitious development.

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