Commercial Bank: the next phase will see the completion of projects at a cost of eight billion dollars

03/08/2016 13:07

Long-Presse / Baghdad

Announced the Trade Bank of Iraq (TBI), said on Tuesday that the coming stage will witness the completion of projects in Iraq at a cost of eight billion dollars, and as he emphasized that including airports and infrastructure projects, called on Arab banks to finance projects as investment opportunities.

The Director General of the Trade Bank of Iraq (TBI) Hamdiya dry in an interview to the (long-Presse), "The bank is working on the completion of projects of more than eight billion dollars, including major projects such as the establishment airports and infrastructure projects," indicating that "those projects that will help in supporting the country's economy. "

Dry Arab banks and money funds and called for "the financing of these projects as investment opportunities, according to the new law of the amended investment that addresses all the problems and gives opportunities accessible to investors now more than ever," asserting that "the Iraqi and Arab banks have a role in supporting the country's economy and the rebuilding of Iraq. This what count during the next phase in which Iraq needs for their support more than ever. "

Dry and added that "the year 2016 is a pivotal moment for the efforts of Iraq's strategy to maintain economic progress and development of new funding opportunities and the government seeks to gain access to structural and administrative reforms, the long-awaited, which when implemented will reveal investment potential enormous in the economy and is preparing for expansion," pointing out that "Iraq's economy is proving to be resilient significantly and this is reflected in an increased focus on providing security and promoting transparency."

Dry and stressed that "Iraq is open for privatization and provide new opportunities for foreign direct investment in industries and seeks in particular international partners to modernize the infrastructure for financial services," adding that "the country has become less dependent on oil revenues, Iraq seeks to establish new partnerships to deal with a number of financial and political issues urgent infrastructure projects and a fund to support oil and gas, electricity and transportation projects. "

It is noteworthy that Iraq is experiencing a financial crisis due to falling oil prices and the war against al (Daash), affecting the budget of the country, and led to stop the majority of projects.