Association of Iraqi banks sign cooperation agreement with the Union of Arab Banks to develop their capacities and hold investment conference

Author: AB, MJ
Editor: AB
01/24/2016 18:03
Number of Views: 301

Long-Presse / Baghdad

The Iraqi Association of Banks, on Sunday, signing a cooperation agreement with the Union of Arab Banks for the development of human resources, and called for the legislative and executive authorities to capitalize on this collaboration for the development of the banking sector, and with Union revealed the existence of preparations for the convening of an economic forum in Iraq to attract investors, expressed its readiness to provide assistance to establish the Association of Iraqi banks.

This came during a press conference held by the Association of Iraqi banks with the Union of Arab Banks on the sidelines of the signing of a joint cooperation agreement, the Babylon Hotel in central Baghdad, and attended (range Press).

The head of the Association of Iraqi banks and depositary Handal in a speech during the conference, said that "Iraq has signed today a cooperation agreement with the Union of Arab Banks, is the first of its kind after 2003," returned the Convention "a great success for the Commonwealth of being open the doors of cooperation with the European Union and the Treasury American ".

Handal said that "the agreement is for the development of human cadres working in Iraqi banks through training and education and develop their ability through the use of modern technology," calling on the legislative and executive branches to "capitalize on this agreement."

For his part, Secretary General of the Union of Arab Banks and Sam Fattouh said during the conference, "the Iraqi authorities are serious restructuring and the development and rehabilitation of the banking sector to put it within the international banks."

He said Fattouh, that "the agreement signed today, provides short on the commitment of Arab Banks Union set up a training important program for the sector of the Iraqi banking, bring Arab and foreign expertise to Baghdad and prepare capacity building in subjects related to international accounting standards and to combat money and CFT program."

He Fattouh, that "this agreement will not belong only private banks, but will include government banks, have start from the Rafidain and Rasheed Bank and the Commercial Bank of Iraq," stressing "the seriousness of the Union to provide any advice or assistance in agreement with the Association and with the blessing of the Central Bank of Iraq."

The Secretary-General of the Union of Arab Banks, that "Iraq needs to develop the banking sector and infrastructure and the system of information and training for capacity building," revealing "an intention to hold an investment conference in Iraq under the title of (Iraq Economic Forum)."

And between Fattouh, that "preparations are underway to hold the conference," returned him "a good opportunity to bring Arab and foreign investors to Iraq, opening the door for investment in Iraq's banking sector."

He explained Fattouh, that "these investors will be briefed on the investment laws in Iraq and investment opportunities, and will play an Association of Iraqi banks and the Union of Arab Banks, a major role in this forum," stressing the need to "expand the Association of Iraqi banks to include all Iraqi and foreign banks under the name of Association of Iraqi banks." .

He Fattouh, the EU was ready "to provide assistance to establish the Association of Iraqi banks and the development of the foundation of his regime," pointing out that "this should be done in Iraq."

The experts and officials, bankers and Financial enemy in the (January 2016 9) that the government go to support the private sector and face the repercussions of the financial crisis "will not result in" desired results "unless" provide legislative and legal environment that supports the banking sector, and accused the government and private banks are currently not contribute the role of a "real" to support the productive sectors, as called for the central bank to limit the granting of new banking licenses, the bloc demanded banks to provide venture capital accumulated position to finance an important strategic projects.

The head of the Council of Ministers, Haider al-Abadi called in (the 12th of December 2015 the past), the banking sector to make a "leap quantity and quality" in its activities, and stressed the government's determination to activate the role of private banks, while warned of "obstacles" to delay the work of banks put own, he pledged to "hold negligent."

The banking system in Iraq is made up of 43 banks, as well as the central bank, and are distributed according to government ownership between seven and 30, including an Islamic civil seven, as well as six foreign banks and is distributed as follows: 600 branches throughout Iraq