Iraq proposes the establishment of the Middle East Bank for Development and Integration

Update 07/18/2022 - 2:57 AM
  
Economy News - Baghdad

Today, Saturday, Prime Minister Mustafa Al-Kazemi proposed the establishment of the Middle East Bank for Development and Integration.

Al-Kazemi said in his speech during the Jeddah Security and Development Summit: "The dangers created by the repercussions of the crisis in Ukraine require intensifying regional and international efforts to find quick solutions and unify efforts in the field of ensuring food security for our peoples and securing energy supplies."

He added, "The Middle East region has been significantly affected by the consequences of climate change, the water crisis and the risks of desertification, in addition to all the health challenges following the emergence and spread of epidemics such as the Corona pandemic. All of these crises require that we move together and unite to confront them."

He continued, "The tripartite meetings and conferences that brought together Iraq with the Arab Republic of Egypt and the Hashemite Kingdom of Jordan have produced a common vision to open up the ranges of cooperation and integration in various fields, as the Baghdad Conference for Cooperation and Partnership was an expression of the historical ties that unite all the countries of the region, and Iraq and the GCC countries have followed suit. Gulf cooperation is important steps to strengthen their relations aimed at achieving integration in various fields, and from this point of view, we have concluded two electrical interconnection agreements with the Kingdom of Saudi Arabia and with the countries of the Gulf Cooperation Council, and we are proceeding with the electrical linkage with Jordan and Egypt.”

He pointed out that "Iraq, although it remains an important oil producer, but this economic artery increases our environmental challenges. Therefore, we are working quickly to invest gas that is burned in oil fields, and we are also expanding the scope of investment in alternative energy."

He continued, "Iraq proposes to establish the Middle East Bank for Development and Integration in partnership with the Gulf Cooperation Council countries, Egypt and Jordan. The Bank is interested in sustainable regional development by financing infrastructure projects that would help link the economies of the region, and the Bank places in its priorities the development of regional electricity networks." , oil and gas pipelines, highway networks, ports and airports, heavy industries with a large regional market, and it finances projects in the field of water resource management, desertification and mitigating the effects of climate change.

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