BAGHDAD – Iraq needs foreign money

BAGHDAD – Iraq needs foreign money

2017/12/14 18:18

BAGHDAD - Iraq needs foreign moneyBaghdad today

A report by the Financialtribune newspaper reported on Thursday that foreign investors had begun to be attracted to doing business in Iraq as the economic situation improved and the defeat of a nascent organization in the country was announced.

“Many countries have expressed their desire for economic cooperation with Baghdad after they have declared their full victory over terrorism in the country,” the report quoted UN adviser on the Iraqi economy Falah Lami as saying.

“During the past few months, many delegations and government and private companies in Europe and the United States visited Iraq,” he said, adding that “the recent meeting between officials of the Central Bank of Iraq and representatives of Airbus and Total, as well as the visit of the British Prime Minister and a group of American companies” .

“After the announcement of the final victory over terrorism, many indicated that they want to invest in various areas of the Iraqi economy, where Iraq has become a profitable and attractive place for economic cooperation,” Lami said.

“After the fall of oil prices, Baghdad is in dire need of foreign capital,” the UN adviser said. “Chinese companies have already begun investing in the Iraqi economy.”

At the end of 2016, the World Bank approved a $ 1.485 billion new aid package for Iraq aimed at boosting the country’s economy, stimulating private sector growth and job creation, while the country’s 2018 budget said strict costing would help the Iraqi authorities repay part of the Its debts to the International Monetary Fund.