World Bank official: the bureaucracy e and the weakness of the financial sector of the biggest obstacles to development in Iraq
02/11/2011 16:51

Portal Iraq, "and agencies" economics editor
Vice President of IFC investment arm of the World Bank Rashad Chaldean Wednesday, said that one of the biggest obstacles in the way of development in Iraq, bureaucracy and poor performance of the financial sector.
It quoted "Reuters" The Chaldean IFC aims to pump about $ 800 million, mostly in the energy sector and banks in Iraq over the next three years to help support development in the private sector.
The Chaldean, "according to Reuters," It will be allocated among the 300 000 500 million in capital projects for the collection of the gas currently being flared in oil fields.
He added, "What we are looking for over three years is to provide financing of about $ 800 million .. This will be our goal. "And that the IFC will primarily focus on the sectors of gas and power generation, banking, building materials, as well as agriculture and housing.
And you need the infrastructure in Iraq to a comprehensive rehabilitation after decades of wars and economic sanctions, therefore, necessary investments in all sectors.
The private sector remains relatively small compared with the state-owned enterprises and public sector still comprises the bulk of employment since the fall of the former regime in 2003.
And IFC's top global development focuses on the private sector in developing countries. And opened its first office in Iraq this year.
He said that the Chaldean institution looking to provide between 50.0001 million million through a combination of loans and buy stakes in projects to generate electricity, run by local and foreign firms.
And also plans to allocate between 50.0001 million million to provide loans or buy stakes in private banks.
"What we seek is to support the development of the banking system through funding and also through the assistance of advisory services and the provision of new financial instruments in the market."
He said that the Chaldean Foundation also plans to sign an agreement within two weeks to acquire a stake worth $ 25 million in the Commercial Bank of Iraq, which has Bahrain's Ahli United Bank, 49 percent of its shares.