Iraqi forum kicks off in Beirut to support investment and the banking sector 3/8/2016
Iraqi forum kicks off in Beirut to support investment and the banking sector
3/8/2016 0 Comments
It was launched in the capital, Beirut, on Tuesday, the World Conference and Exhibition for the third 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."
According to a statement to the CBI received by all of Iraq [where] a copy of the "Acts of the conference, organized by the company Szimksko] of Iraq, under the auspices of the Central Bank of Iraq and cooperation with the Banque du Liban [Central Bank of Lebanon, and the participation of ministries and banks, and the body of national investment, focused on the development of financial 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 and banks Iraqi and relevant financial institutions on the one hand, banks and international financial institutions and international investors on the other hand. "
"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 and its central role in the drive 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.
The central bank governor said Ali Mohsen Keywords during a speech at the conference that "there are 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 , ie Iraq closer to achieving self-sufficiency in wheat production, while imports millions of tons of them every year. "
Keywords and explained that "the banking sector's important role in the growth and reduce the unemployment rate in Iraq to support, through the various sectors of finance and expand the purchasing power of citizens."
He added 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 central bank governor to "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 trends public as well as his economic activities. "
He stressed "the need for the Iraqi economy is heading at the moment 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, the President of the Association of private banks, the 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, and attract many of the economic and financial Arab personalities," adding that "banks can contribute to treat problems such as unemployment and poverty by financing projects of all kinds and create jobs for young people. "
Handal and pointed to "the importance of having an economic informing on the degree of awareness of the challenges facing the Iraqi economy," stressing that "distortion and lack of understanding affects the economic situation of Iraq."
He said, "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 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 suffering from a financial crisis up financial inclusion rate to 60%, while the Arab countries does not exceed 8%, which requires the need raise awareness in the Arab countries. "
And the Head of Private Bankers Association, that "the current situation in Iraq, we are used to, and confidence increases in Iraqi banks," adding that "the Central Bank of Iraq 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 more global confidence in the Iraqi banks. "
In this context, the Iraqi minister of planning occur, Salman al-Jumaili, for 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 the 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, said that "the amendments made to the investment law is in the interest of the investor," calling on Arab and foreign companies to "increase its investment in Iraq, it represents a significant weight in this area."
He said al-Araji, "the need to turn to private banks, development banks, rather than in the remaining business."
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 answer some 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.