IFC considers that the financial performance and bureaucracy behind impede development in Iraq
On: Friday 4/11/2011 6:17
Baghdad / follow-up range
, a senior official at the IFC, the investment arm of the World Bank, last Wednesday, the Foundation aims to pump about $ 800 million, mostly in the energy and banks in Iraq over the next three years, stressing that one of the biggest obstacles in the way of development in Iraq is the bureaucracy and the poor performance of the financial sector. The Vice-President of the Foundation Chaldean Rashad said in a statement, "It will be allocated among the 300 000 500 million
Of the capital of the Foundation for projects to collect the gas being burned now in the oil fields, "adding that" what we look forward to over the three years is to provide financing of about $ 800 million. "The Chaldean:" The IFC will primarily focus on the sectors of gas and the generation of electricity, banks and building materials, agriculture and housing as well.
Iraq relies largely on oil exports to reap 95 percent of government revenue, while the need of infrastructure in the country in general, for the rehabilitation of a comprehensive after decades of wars and economic sanctions, and Tattabralasttmarat necessary in all sectors, note that the private sector is still relatively small compared with the state-owned companies, where it continues the government sector comprises the bulk of employment, nine years after the fall of the former regime.
and awarded the International Finance Corporation last February the Iraqi unit of Mobile Telecommunications Co (Zain) a loan of $ 400 million for seven years, to help them to expand service and improve it.
The Chaldean that "the institution is in talks with other mobile phone in Iraq, on loan," without giving further details in this aspect.
revealed Chaldean that the institution "is looking to provide 50 million and $ 100 million through a combination of loans and buy stakes in projects to generate electricity, run by local and foreign companies, "adding that it also plans to" allocate between 50.0001 million million to provide loans or buy stakes in private banks. "
stressed Vice President of the Foundation that " of the biggest obstacles in the way of development in Iraq, is the bureaucracy, and poor performance of the financial sector. "
He explained that "what we aspire to 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."
Iraq has the seven state-owned banks as are 23 private banks have traditionally and 12 Islamic banks between local and foreign, and provides eight private banks only cash services, cash machines, credit card services, according to the website of the Central Bank of Iraq.
He Chaldean that the institution "also plans to sign an agreement within two weeks to acquire a share of $ 25 million dollars in the Commercial Bank of Iraq, which has Bahrain's Ahli United Bank, 49 percent of its shares. "
The IFC is the largest global body for development, focusing on the private sector in developing countries, and opened its first office in Iraq this year 2011.
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