Iraq’s membership in the European Bank for Reconstruction and Development
Iraq’s membership in the European Bank for Reconstruction and Development
2024-03-20 00:31
Shafaq News/ The Iraqi Fund for External Development in the Ministry of Finance announced on Wednesday that the Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law.
The Finance Ministry said in a statement, received by Shafaq News Agency, that this comes within the Ministry’s vision to strengthen the frameworks of cooperation and communication between Iraq and international financial institutions, and after the Fund’s continuous coordination with the management of the European Bank, the completion of Iraq’s contribution process, and the completion of all documents related to accession.
The Fund confirmed, according to the Finance Statement, that accession will enable the European Bank to finance projects within the country, promote development of various sectors, support the entrepreneurship initiative, and support the private sector through investments and participation in policy dialogue and technical assistance.
The statement indicated that the European Bank for Reconstruction and Development (EBRD) is a multilateral development bank headquartered in London, and focuses on investment as a tool to rebuild market economies in beneficiary countries, with an emphasis on supporting the private sector and its investments in advisory and political activities.
According to the Iraqi Finance Ministry, this bank helps countries develop their policies to promote self-sufficiency in energy or renewable energy markets.
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