Banks and Development

Blog

Economy News / Baghdad ...

Samir Alnasiri

In line with the central bank plans to move the banking sector of Iraq from the role of banking to the developmental role and aim of the contribution of banks to participate in the revitalization session of the Economic and support the financing of development projects in strategic and large through which to build a strong national economy and sustainable development ultimately serve the Iraqi people and their aspirations for a better life.

The central bank has initiated the proposal to set up a fund for investment and development that this initiative if achieved, it will transfer the banks of the role of banking to the developmental role because the banks must have a clear and essential role in the Economic Development and be his share of contribution to the GDP in economic conditions Aalassabh that plagued Iraq now because of lower oil prices and the war on terrorism and the effects of the economic recession of the subjective and objective reasons.

And can not be achieved it is that the funds are employed citizens Deposited with the banking system and the investment community in financing big projects and with a clear impact is reflected to provide important services and essential to the community.

The entry of the banking sector in this national effort will inevitably lead to the achievement of the following objectives:

1. Rise by the contribution of the private sector in GDP. Planned proportions in the private sector development strategy .

2. Effective contribution to the implementation of the year private sector development strategy (2014-2030) Bti_gal 30 percent of the workforce and accommodate them in the completion of these projects and reduce the percentage of unemployment to acceptable limits during the next three years.

3. Implementation of the false government program in the third axis (to encourage the shift to the private sector and materials (Op existence), which defines the role of government.

The involvement of the private sector in the decision Alavtsade sector and give a key role in funding and investment area for the banking sector industry.

4. Restore confidence in the banking sector when sharing Atamoal banks and participate in the implementation of the strategy to invest in projects that provide basic services to citizens in all areas of sustainable development in agriculture, industry, transport, education, construction and tourism.

To achieve the above objectives requires that the central bank regulates the process of participation of banks among themselves under the supervision and control direct and follow up and coordinate Iraqi private banks association, and can organize the participation of banks in sustainable development on an ongoing basis and within the strategic plan identifies major infrastructure projects and fund Alastosmaralamguetrah achieve it.

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