Iraq filed four billion dollars of his assets in Egypt to promote its hard currency reserves

Egypt announced on Monday, sending an economic delegation to Iraq includes the Minister of Planning and the Governor of the Central Bank and economists to agree on the details of the deposit of the Iraqi foreign currency in the Central Bank of Egypt in order to support the Egyptian economic semi-collapsed because of the protests and unrest continued in the country for more than two years .

The Wafd newspaper that the Egyptian “Minister of Planning and International Cooperation Egyptian Ashraf Arab left Cairo International Airport on Monday morning on his way to Baghdad at the head of the delegation in a visit to Iraq for several days looking through details to give Egypt a deposit of $ 4 billion added to the reserves of the country’s foreign exchange.”

The newspaper added that “the Egyptian Minister of Planning left aboard Egypt Air plane heading to Baghdad, accompanied by a number of officials, including Jamal Najm, deputy governor of the Central Bank of Egypt and a number of banking experts.”

She drew the paper that “it is scheduled to meet Egyptian delegation with Iraqi Planning Minister Ali Shukri and Iraqi Central Bank Governor and Legal Counsel for the Iraqi prime minister and a number of officials to discuss granting Iraq Egypt and deposit estimated $ 4 billion placed in the central bank to support the Egyptian economy.”

The Prime Minister Nuri al-Maliki announced in (the fourth of March 2013) in a joint press conference with his Egyptian counterpart, Hisham Qandil in the capital Baghdad, with Egypt on the export of crude oil to that date back to the export to Iraq in the form of oil products after refining in refineries, and so through the pipeline to be built across the Jordan, while jellyfish that Egypt is determined to make several economic agreements with Iraq, including the benefit of the two countries.

Qandil had visited Iraq in (4 March 2013) is the first official visit to Egyptian Prime Minister of the country for more than 20 years The International Monetary Fund announced in a report issued in 21/03/2013 after the consultations held in Amman between a delegation of the Fund and the Iraqi delegation headed by VMware Planning Ali Shukri that, according to a survey field conducted by the central bank reserves of $ 70 billion, as between that funds preventive in Development Fund for Iraq rose to $ 18 billion by the end of 2012, and pointed out that this increase came from the “oil revenues unexpected,” in calling the Iraqi government to end the control of banks owned by the State on the banking sector, stressed the need for the Iraq strengthening public financial institutions to ensure efficiency and transparency in the use of oil revenues.

The U.S. Agency for International Development predicted in (3 December 2012) that leads the Iraqi economy, the Arab countries within five years, stressing that Iraq possessed all the qualifications to be an economically strong state.

Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially those related to oil and housing and oil and gas extraction, and to its need of funds for infrastructure development and reconstruction, but Mariqben contend that the lack of interest the state to the private sector and the absence of investment laws which guarantees for investors and the absence of Other laws are still obstacles to the development of the economy in the form required.

Iraq relies, which has the fourth largest oil reserves in the world, 95 percent of its annual budget on its oil exports and currently produces about two million and 900 thousand barrels per day, while issued up to two million and 200 thousand barrels per day.

The Iraqi parliament approved in October 2006, the Iraqi investment law which it was said at the time that he would open the doors to foreign investment, for providing a lot of facilities to foreign investors, but many foreign companies still hesitate because of fear of the security reality instability in Iraq, and as a result frequency investors to come has been amended law by the House of Representatives in October 13, 2009, and was the most important amendments to the law to give the right of the investor Iraqi and foreign ownership of land and property belonging to the state allowance determined in accordance special system.