Start of the Iraqi Finance Forum in Beirut & assurances to support the banking sector
The start of the Iraqi Finance Forum in Beirut and assurances to support the country's banking sector
Economy Since 03.08.2016 at 09:51 (Baghdad time)
BAGHDAD - balances News
It was launched in the capital, Beirut, on Tuesday, the World Conference and Exhibition on third for the financial and banking services in Iraq (Iraq Finance 2016), under the slogan "Gateway Financial Inclusion and a pillar of sustainable development of the banking sector", organized by the Iraqi company, "Szimksko", sponsored by the Central Bank of Iraq In collaboration with the "Bank of Lebanon" (Central Bank of Lebanon), and the participation of ministries and banks, national investment Commission.
A statement from the central bank received / balances News / copy of it, that "the conference focused on the financial development of the banking and investment industry in Iraq, and is limited to the purpose of organizing this conference to develop the infrastructure of the banks and financial institutions in Iraq through the activation of cooperation between the Iraqi and the central ministries, banks and enterprises Iraqi Finance concerned on the one hand, banks and international financial institutions and international investors on the other hand. "
He added, "The sessions dealt with the Iraqi Central Bank's plans, strategies, financial reforms that government is trying to implement to attract investors, and the future of the State-owned banks, and the role of Islamic banks, and the role of the Iraqi financial markets to support the economy, the current situation of the banking sector and the participation of foreign lending companies, the environment and technological pivotal role in driving innovation and risk mitigation, as well as sources of funding for large projects and infrastructure, and the development of Iraq Stock Exchange, funding opportunities, the Iraqi private sector. "
And between, the "Governor of the Central Bank on the Keywords occur during his speech at the Forum on great opportunities to diversify the production base offered by the application of this approach," pointing out that "commodity production contribution of the total output of only 16%, which means that there is ample room for the growth of agriculture and industry , because in this context refers to the approaching Iraq to achieve self-sufficiency in wheat production, while imports millions of tons annually Keywords and said that the banking sector has an important role in supporting growth and reduce unemployment in Iraq, through various sectors finance and expand the purchasing power of citizens. "
He explained Keywords According to the statement, that "Iraq today is facing a financial and economic challenges, so he is looking for stability in the banking and financial sector and that these items are not only with the cooperation and support of everyone through communication and participation in the success."
He noted "the importance of the banking sector to play important role in the face of the current financial crisis experienced by the reduction of unemployment and the expansion of the purchasing capacity and gross domestic product in general," pointing out that "the most important conditions for stability in the sector, bank and finance is to determine the structure of the economy and general trends to him, as well as activities economic. "
He pointed Keywords According to the statement, "the need to be heading the Iraqi economy for the time being to support the private sector by creating real competition and active participation in the framework of a free economy, whom he joined after Iraq was governed by a totalitarian economy."
For his part, President of the Association of private banks and depositary Handal during the forum "The conference was held under the slogan" the banking sector gate of financial inclusion and a pillar of sustainable development, "noting that" the conference attracted many Arab economic and financial figures, pointing out that the banks can contribute to the treatment of problems such as unemployment and poverty by financing projects of all kinds and create job opportunities for young people. "
He Handal, according to the statement "the importance of an economic informing on the degree of awareness of the challenges facing the Iraqi economy," noting that "the distortion and lack of understanding affects the economic situation of Iraq."
He said Handal said that "the conference called on the central bank and the competent authorities to apply financial inclusion, and the formation of a committee to develop the financial, monetary and banking system of the central bank and the Ministry of Finance and experts."
Handal, according to the statement urged "the need to deploy financial and banking culture in the Arab world," stressing "the importance of the media's role in spreading this culture of financial inclusion, in addition to committing various stages of education material developed for banking and financial education into the curriculum."
He noted "the need for the Arab League, through the leaders of the Arab countries to compel publication of financial inclusion explaining that Cyprus, which suffer from the financial crisis up financial inclusion rate to 60%, while the Arab countries does not exceed 8%, which requires the need to raise awareness in Arab countries".
And that "the current situation in Iraq, we are used to, and confidence increases in Iraqi banks, pointing out that the CBI put steps that will strengthen Iraqi banks, it also put serious steps through the general assessment of the Iraqi banks in cooperation with Orncion company, leading to greater confidence global in Iraqi banks. "
In a related context, said Iraqi Planning Minister Salman Jumaili the "five-year plan for the years 2013 2017, which the government spent under $ 75 billion, or 20% of total investment, before re his ministry considered, because of the collapse in oil prices and because of the cost of fighting al Daash, to deliberate on the government to reducing its investment spending, and the trend towards the private sector, for "not to rely on the public treasury," this requires the creation of "an attractive investment environment" for foreign capital, and rehabilitation of state-owned companies, and converted to private companies profitable, and the adoption of the partnership (between public and private sectors) and their subdivisions, such as the projects of term funding, any funding deficit, and the BOT projects, and programs to support small and medium enterprises. "
He pointed Jumaili according to the statement that "the Iraqi Central Bank is working on the preparation of reports similar to those in which it operates by the World Bank, to facilitate the latter to monitor the work of the central bank."
He explained that the head of the National Investment Commission, Sami al-Araji, that "the amendments made to the investment law in the interest of the investor, calling foreign and Arab companies to increase their investments in Iraq, it represents a significant weight in this area."
Araji stressed "the need to turn to private banks, development banks instead to remain commercial."
The head of the Bank of Credit Libanais, Joseph Tarabay, representatives of Lebanese banks, may occur at the opening of the conference on the prospects for the exchange of experiences between the Lebanese and Iraqi banks, as well as the possibility of the first contribution in the modernization of the banking system in Iraq, a special mention "militancy" in the application of legal compliance policy US of "anti-money laundering and terrorist financing", and expressed the hope that the banks play a key role in the reconstruction.
And it permeated the first session of the forum discussions as well as to publicly answer a few questions to representatives of the Iraqi and foreign private sector, Arab , and there will be offers banking research are debated by the Iraqi and Lebanese sides. Ended 29/4 e