IMF projects strong economic growth for Iraq; Investors salivating for opportunity

IMF projects strong economic growth for Iraq; Investors salivating for opportunity


Promised global financial institution, said on Wednesday that Iraq is a market “mouth saliva” Every investor and businessman, while International Monetary Fund forecast, to achieve Iraq’s growth rate of nine percent the year 2013 the current, suggested the International Energy Agency that Iraq will contribute including 45 per percent of international oil supplies during the current decade, and become a second source of oil in the world during the thirties of the second millennium of the current century.

This came in the wake of the “concerns” expressed by some quarters of financial and economic crisis, to enter the Iraqi market, and criticism of the Bank of City American Citibank, which is the oldest on the opening of a branch in the Iraqi capital Baghdad, (24 June 2013), the possibility of face some difficulties a result of increased rates of violence recently, in the country of “war-torn”, with a rate of administrative corruption that could lead to “legal risk serious”, as quoted satellite Fox News American, in a report published on its website, and briefed the (long-Presse) on a copy of it.

It quoted space for President of the Foundation Sansar Capital Sansar Capital, to manage financial assets, Sanji موتواني, which invests $ 30 million in Iraq, said that “Iraq is a market mouth saliva every investor and businessman,” and wondered “if the atmosphere in Iraq dangerous really to do business, why the City Bank to go to him. “

The reported Fox News, that “the time that make the U.S. economy effort to achieve super speed to beat the speed of Chinese investment, the IMF predicts the strength of the Iraqi economy, amounting to $ 150 billion to achieve a growth rate of nine per cent increase on the rate of last year, amounting to 8.4 percent , “indicating that” the International Energy Agency believes that Iraq will contribute including accounting for 45 percent of the international market oil facilities during this decade, and also expects that Iraq will become a second source of oil in the world during the thirties of the second millennium, 2030. “

The prominent American TV, that “the net interest margin in Iraqi banks, which measure the basis for banks, is another factor attracting foreign banks to operate in Iraq.”

It quoted also said, “The rates of interest on loans Iraqi ranging generally up to 12% and interest rates, deposit up to 4%, which is what gives the percentage of very high profits for banks up to 8% compared with 1% to 2% of the profits of banks loans Bank” .

The newspaper Financial Times of London, quoted a statement from the Bank City, in (24 June 2013), it opened an office in Baghdad to become the first U.S. bank expands its services to include Iraq, betting in his step these economic opportunities long-term in the oil-rich country.

According to analysts, economists guesses in a U.S. bank Citigroup, “the expansion of the growth of the oil sector in the country would turn Iraq into one of the largest oil exporter in the world over the next decade and economic power is estimated at $ 2 trillion by the year 2050.”