Expert stresses the importance of the amendment to article 28 of the General Banking Act

economic expert said Saif Hilfi importance of amending Article 28 of the General Banking Act to support investment in the Iraqi banking sector, calling for the need to strengthen relations with Arab banks for the advancement of local banks.

Hilfi said in a press statement yesterday, said that private banks could play a major role in the economic development through the establishment of a fund for lending to private investment projects in the country, because it has a high potential and helps capital.

He added that the federal government claim the support of the banking sector in terms of amending the laws, especially Article 28 of the General Banking Law direct investment to the banking sector to allow it to enter the investment sector to contribute to the development of the country’s economy.

He pointed out that an important Arab support for the banking sector through the promotion of cooperation between the Iraqi and Arab banks, particularly the Lebanese to open letters of credit in particular, because the Lebanese banks have a great desire to deal and cooperate with Iraqi banks.