The World Bank funds an investment development project in Iraq

The World Bank funds an investment development project in Iraq



04-03-2018 03:53 PM

The Euphrates -
 
The economic development project in Iraq, which is funded by an important part of the World Bank, is an achievement to guide investment in the current stage, said Essam Mahaweli, an economist.

"The project, which is financed by an important part of the World Bank, is an achievement to support the management of the capital and direct investment according to the actual need to the requirements of the current phase and to the infrastructure," the newspaper quoted Al-Mahawi as saying in a press statement. To engage heavily in counseling programs and in a manner that enhances the absorptive capacity of unemployment in the various economic sectors.

He added that the time is now available to implement the project and the need for the contribution of the private sector in the support and implementation of programs, especially for banks and other companies involved in the project, "stressing that the employment opportunities that will be available to many sectors in the activation of decisions of the Kuwait Conference of donors, Its work, which the project will implement.

He proposed forming a higher banking committee from private banks to contribute financially to providing liquidity to the government, adopting the method of syndicated loans, as well as forming a committee of private banks and with the approval of the Ministry of Finance, so that each bank will contribute a limited percentage of money to finance projects benefiting from this bank financing. Take its role seriously in development.

The Ministry of Finance announced earlier that it had received funding from the World Bank to cover the cost of the project to modernize the public financial management systems in Iraq, and the allocation of part of the amounts for advisory services, including the recruitment of an independent external audit of financial management and investment.

It is worth mentioning that experts and specialists in economic affairs discussed in a workshop in Baghdad last week a working paper prepared by the World Bank to ensure a sound investment climate in Iraq. The recommendations of the workshop suggested a plan of action to simplify visa procedures and establish a clear investor visa category, The law on the residence of foreigners with the importance of including provisions that accommodate the true nature of industrial projects, which require too long to carry out.

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