The start of the Iraqi Finance Forum in Beirut and assurances to support the banking sector and the economy


March 9, 2016 9:13
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Was launched in the capital, Beirut, the conference third of the financial and banking services in Iraq World Expo (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 and cooperation with the "Bank Lebanon "(Central Bank of Lebanon), and the participation of ministries and banks, national investment Commission

The focus of the conference on the financial banking and investment industry in Iraq's development, 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 .
And addressed the meetings of 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.
Speaking Governor of the Central Bank on the Keywords 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, refers in this context to Iraq near self-sufficiency in the production of wheat, while imports millions of tons annually Keywords and said that the banking sector's important role in supporting growth and reduce unemployment in Iraq, through the financing of various sectors and expand the purchasing power of citizens.
He Keywords that Iraq today faces 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 current face of the 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 economic activities.
Keywords and pointed to the need that is 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 that the conference was held under the slogan "The sector added Keywords that Iraq today faces 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.
Keywords and pointed to the importance of the banking sector to play important role in the current face of the 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 economic activities.
Keywords and pointed to the need that is 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.
Meanwhile, a President of the Association of private banks and depositary Handal during the forum that 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 jobs for young people.
He pointed out the importance of having an economic informing on the degree of awareness of the challenges facing the Iraqi economy, pointing out that the distortion and lack of understanding affects the economic situation of Iraq.
Handal said that the conference's central bank and the competent authorities called for the application of 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 and urged the need for publication of 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, financial inclusion up rate to 60%, while the Arab countries does not exceed 8%, which requires the need to raise awareness in the states Arabic.
And between Handal 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 this context, Iraqi Planning Minister Salman Jumaili, spoke about 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 financing projects forward, any funding deficit, and the BOT projects, and programs to support small and medium enterprises.
Jumaili He pointed out that the CBI 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.
Meanwhile, a head of the National Investment Commission, Sami al-Araji, said 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.
He stressed the need for the private banks, development banks turn to instead to remain a trademark.
Foreign, 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 projects of the BOT, and programs to support small and medium enterprises.
Jumaili He pointed out that the CBI 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 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.
He said al-Araji, the need for private banks, development banks turn to instead to remain a trademark.
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.

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