Iraq will be at the forefront of polarized to invest in the near future
Said Deputy Prime Minister for Economic Affairs Rose Nuri Shaways that Iraq will be at the forefront of polarized to invest in the near future.
said Shaways in a speech to the Conference and Exhibition on banks and financial and investment in Iraq in London: “The efforts are still intense to improve the performance of banks in Iraq to be of help in achieve investment and development programs in light of the expected increase in revenues from oil exports, which will hopefully be up to (6) million barrels in 2017 (an increase of more than double what it is now – the year 2012), and it certainly will use the bulk of these revenues to cover the needs of the citizen Iraqi who is still suffering from a lack of infrastructure services in many facilities. “
He Attorney: He “In light of the need for development programs required by the Iraqi reality the result of what has passed through the wars and destruction, it has resorted Iraq in recent years to borrowing and contracts payment on credit , and is considering resorting to unorthodox methods to cover its development programs, particularly the style of service contracts (BOT), the fact that broadband projects planned outweigh potential Iraq financially and operationally, and must use governments and foreign companies to contribute including is capable of and in the interest of all parties ” .
and added by saying: “We have fully convinced that Iraq would be at the forefront of polarized to invest in the near future after making amendments in the laws related, primarily the Banking Act and the Investment Law and Tax Law and Minerals Act, labor law and legally public and private companies and others, in addition to memorandums of understanding bilateral concluded between Iraq and the countries interested Bmstthmreha. “
and stressed Shaways the government’s keenness to continue its guidance in economic reform Pan sectors of the state and the financial sector and banks because of its share is important in this policy strategy has received support from the World Bank and other donors to implement the strategy sector reform banking, as the government continues to implement these trends effectively been achieved tangible progress in question and efforts are still being made in this regard. “
He also noted that public companies owned by the state has had its share is the other, where the U.S. Agency for International Development (USAID) to prepare the roadmap of how to dispose of these facilities, and that the subject under study by the Council of Representatives, and the character of the act is to transform state enterprises into joint stock companies in partnership with the private sector and this would promote the adoption of the private sector also would activate the Iraqi market for securities, which is the foundation money market Iraq.