Iraqi officials offering development of investment legislation

05/23/2016 - 17:26

Amman , May 23 (Petra) - Iraqi officials displayed at Monday 's meeting, entitled "Reconstruction of the legislation and investment" special legislation reconstruction, investment and the law of the Iraqi investment.

Comes this session events within the conference and exhibition of Arab Iraq (reconstruction and investment in 2016), organized by the Arab Contractors Federation in cooperation with the Ministry of Works and the company PANA for exhibitions and conferences with the participation of Iraqis and Jordanians and Arab officials, economists and representatives of companies and organizations and Arab finance institutions.

The MP said the Iraqi parliament Faris Faris, that some areas in Iraq Kmhafezta Anbar and Mosul must begin Bamarhma from scratch, the areas ravaged by terrorism, noting that the investment needs to be security and legislative stability, and that Iraq at this year started walking towards the achievement of security and stability .

He added, WE in the economic and investment commission modified the investment law so that equated adjustments between foreign and Iraqi investors, and it became the right of foreign full ownership companies, as well as the granting of loans from Iraqi banks guarantees the project itself, indicating that Iraq is seeking to open Trebil border crossing with Jordan, as well as opening international highway between Iraq and Jordan, especially given that Jordan is an important outlet for Iraq.

Included amendments to the investment law to provide land to the investor within 60 days, it was to provide guarantees so that the government could nationalize the project, in addition to the right of the investor to resort Iraqi and international courts.

He noted that Iraq still suffers from financial and administrative corruption and not to put the right man in the right place sectarian quotas are currently working to fight it .

And he offered the Attorney Nora Albjara, a member of the Committee on the economy and investment in the Iraqi Council of Representatives, the Iraqi investment law, and said it was to make amendments included a paragraph 18 , mostly based on interviews with Iraqi investors.

She told the Iraqi sector are now opportunities for investment , especially with the new law and the urgent need for the liberated areas to start from scratch in the development, but we are in front of two problems two major, insecurity and corruption, but in the case of editing the provinces of Nineveh and Anbar, there are great opportunities for companies to invest, and we are an economic as a committee We will support investors in the reconstruction of Iraq.

She said Hamadoun pros MP, member of the Finance Committee in the Iraqi Parliament, are still in Iraq, the cash deal with funding and must switch to credits and bonds currently seek to Tibz Banking Act and encouraged to provide loans to investors.

He said Dr. Sabah al - Tamimi Member Services Committee in the Iraqi Parliament, the Commission contributed to the issuance of legislations and laws that would develop infrastructure investment in Iraq.

Tamimi , concise and presented for the most important laws that were approved in parliament, particularly the amendment of the Investment Act, which aimed to overcome the challenges and obstacles that will invest escape from Iraq and therefore the reflection on Iraqi development.

She said the amendments included the Companies Law for the purpose of their participation with private companies, and to ratify the application of encouragement Agreement and Investment Protocol between Iraq and the Republic of German federal and agreement on economic and technical cooperation between Iraq and Kuwait, and the Convention on road transport of goods and people with the Jordanian government law, and to ratify the creation of the Council agreement trade Ministerial with the United Kingdom, and the law of the fourth amendment to the Law of civil Aviation in order to keep up with the international civil Aviation Organization and the expansion of the civil aviation authority tasks.

Conference and exhibition , which opened on Sunday and lasts three days will be which offer investment opportunities and projects completed and stalled and the current and future approved and the size of the necessary funding and the funding that has been spent on projects during the previous years and the vision of the Iraqi ministries of these projects, and the role of unions and banks Iraqi, Arab and programs of international organizations working there in reconstruction, investment and possibilities of financing and lending of Arab financial institutions, and the size of the necessary funding to complete the stalled and the future role of the Ministry of Finance by the projects and the guarantees that can be offered, in addition to the needs of the reconstruction of areas affected by the terrorist attacks and the role of the reconstruction of those areas Fund and the mechanism of action and sources of funding and grants approved areas allocated to it and the way grants spent on projects and definition Bmnfvea and the size of the funding for it, and the mechanism of grants admission and employment in the projects, housing projects carried out and stalled available and the size of the necessary funding to rebuild infrastructure in the liberated areas, and the needs of Iraq 's schools and types, and the number of destroyed schools caused by terrorist operations and editing and funding needed for rebuilding , and opportunities for the establishment of civil and Arab and foreign schools and the acceptance of grants to create quick installation prefabricated schools in the liberated areas.

And it includes also the conference sessions on offers of Iraq 's needs of health projects, and the need for municipalities to finance projects, and projects of electricity generation, transmission and distribution and investment opportunities in the electricity sector and the equipment, controls and guarantees and privileges in, and the importance of the Iraqi currency stability and the role of the Central Bank of Iraq in securing guarantees for loans granted and possibilities cooperation with Arab banks.

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