Establish a development bank with a capital of five billion dollars

Directions to establish a development bank with a capital of five billion dollars

22/07/2012 0:00

To revive the law contained 2005 budget and neglected
Baghdad Yasser incumbent
studied a group of experts the possibility of establishing a development bank operates according to international standards and the management of the private sector and contribute to the government agencies have the ability to invest its financial strength to invest long term.
This came in a workshop organized by the Iraqi Institute for Economic Reform in an attempt to revive the resolution contained the federal budget for the year 2005 and carried out in 2006.
The resolution provides for the establishment of three development banks with a capital of 500 billion dinars for each bank and aims of these banks to rid the budget allocations of large projects, especially infrastructure projects, etc. But the idea has been turned nor carried out in the draft the law.
Today show visible the importance of this project, prompting the institute to seek to revive the law in order to find which faced those projects and delays in approving the budget
and the utter failure in its implementation necessitated repeating the call for the establishment of a development bank do the job away from the federal budget and its challenges and in order to proceed with the implementation of the projects away from the controversies that delayed the country a lot.
team from the elite of experts working on the re-evaluation of the establishment of the Bank for Development and study of all aspects in order to generate a law vital, and the economic morning to continue fully with the activity of this team and the movement of the details of what happened in the discussions that took place at this meeting and Masaakbh of meetings and post the morning of this, but a confirmation of the approach of transparency and disclosure for all activities of the experts.
the idea of establishing development banks have evolved to establish a development bank experts suggest, because the capital of 5 billion dollars contribute to the government funds and private works systems, sophisticated and his administration be one of the bankers competence of the private sector without the intervention of the owners of BIG money in the decisions of the administration as well as non-interference by government agencies participating in the capital to ensure good governance of the Bank.
the sense of separation of ownership from management to ensure the smooth flow of work freely and in accordance with the requirements of the project and its importance.
, says d. Kamal Basri in his paper in this regard that if the books of the bank success, the budget allocations will be free and Stnasrv to other sections in Stnasrv allocations of projects ministries to go to their own projects and leave the strategic projects to be funded from this bank giant.
emerged in the consultative meeting of experts and working paper included the mechanisms and stages of incorporation displayed a banking expert Abdul Aziz Hassoun, who urged the need to solicit Ray Central Bank of Iraq on the project, and included this paper to see experts stages of incorporation, which in the forefront of selection of a committee established they are experts, bankers, Rasaoualathadat career, the Social Security Corporation, and government banks. She drew the paper to the importance that a decision of the Committee on Economic Affairs in the Cabinet instructed the Ministry of Finance the affiliated banks to contribute to the project as well as the Ministry of Labour and Social Affairs for the Social Security Corporation.
as paper included the founders of the proposed bank are government banks, private banks, institutions and government companies, private companies, individuals, Arab and foreign banks.
and stipulated that proposals that are not allowed concentration of acquisition shares by the founders Awalmktaatben.
In the intervention to the representative of the Iraqi Central Bank, Walid Idi said that Iraq actually needs for such a bank of this size and capacity, but he stressed the importance of the state’s contribution in the capital of this bank and without interference in the management of the bank and suggested to be capital of the bank in stages, and focus its activities on the banking of foreign trade through expanding the network of correspondents with a special focus on electronic services and have a right to open its doors outside working hours.
The economic expert d. Ahmed Rehn believes that this Brush preparations for establishing the proposed bank, despite its importance in launching the idea of incorporation, but I find they need to comprehensive review of the bill to get to and including incomplete aspects of Aatih room for opposition and address resolution of the consultative meeting in the hope of the proposed development and re-evaluation and professional proposal of the Commission of incorporation.
Source: alsabaah