Iraq Economic News and Points to Ponder Thursday Afternoon 3-21-24

Tlm724 Administrator Bondlady’s Corner

Iraq joins the World Federation of Free Economic Zones (FEMOZA). 

Economy     Iraq     Join     World Federation     For free economic zones

2024-03-21 00:24   Shafaq News/ The Industrial Estates Authority, one of the formations of the Iraqi Ministry of Industry and Minerals, announced on Thursday its joining the World Federation of Free Economic Zones (FEMOZA) in cooperation with the United Nations Industrial Development Organization (UNIDO).

The Director General of the Authority, Hamid Awad Muhammad, explained in a statement that

the Authority is a vital entity charged with advancing industrial cities and their prosperity throughout Iraq, indicating that the

joining came due to the importance of international partnerships in achieving the objectives of the Authority in light of economic changes and the movement of markets, shipping lines, and global land and railway transport, and in order to Interact with it professionally, taking advantage of Iraq's strategic geographical location.

He pointed out that the FEMOZA organization is considered an internationally known union committed to promoting sustainable economic zones and has links with (200) countries in the world.

The Director of the Authority added that this affiliation confirms the objectives of the Industrial Estates Authority in creating an environment conducive to

     investment,

     innovation and

     economic diversification by benefiting from the organization and its global network, as well as

     attracting foreign investment to Iraq and

     enhancing the Authority’s ability to establish and manage industrial zones that help in sustainable development and international business participation.

     Accelerating industrial growth within Iraq by benefiting from the expertise of specialized international organizations. https://shafaq.com/ar/اقتصـاد/العراق-ينضم-لى-ال-تحاد-العالمي-للمناطق-ال-قتصادية-الح-ـرة-FEMOZA    

Iraq Joins The Membership Of The European Bank For Reconstruction And Development

 local    Yesterday, 10:30   Baghdad – INA  The Iraqi Fund for External Development in the Ministry of Finance announced today, Wednesday, that the Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law.

The Fund said in a statement received by the Iraqi News Agency (INA):

“The Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law, which comes within the Ministry’s vision of strengthening frameworks of cooperation and communication between Iraq and institutions.” International Finance, after the Fund’s continuous coordination with the European Bank’s management, the completion of Iraq’s contribution process, and the completion of all documents related to accession.”

He added,  "Joining will enable the European Bank to

     finance projects within the country,

     promote development for various sectors,

     support the entrepreneurship initiative, and

     support the private sector through investments and

     participation in policy dialogue and technical assistance," pointing out that

"the European Bank for Reconstruction and Development (EBRD) is a multi-faceted development bank." Parties, headquartered in London,

the bank focuses on investment as a tool to rebuild market economies in beneficiary countries, with an emphasis on supporting the private sector and its investments in advisory and political activities.

 The bank also helps countries develop their policies to promote energy self-sufficiency or renewable energy markets.  https://www.ina.iq/205337--.html   

An Economist Calls On The Government To Support And Stimulate The Private Sector

 Economy| 05:58 - 03/17/2024  Mawazine News - Baghdad   The economic expert, Hassan Ismaik, today, Sunday, called on the government to support and stimulate the private sector in Iraq. 

In an interview with Mawazine News, Ismaik said, “There is a need to rehabilitate the government sector in order to stimulate growth in the private sector, which will  contribute to creating partnerships and  strategies with foreign direct investment in unexploited sectors such as  transportation,  tourism, and the  shift towards smart agriculture, as well as  Industrial and technological cities. 

He stressed "the necessity of shifting towards investing in quality of life and enabling Iraq to create a new digital environment."  He pointed out that

"there are many experts who link the reforms implemented by the Iraqi government headed by Muhammad Shiaa Al-Sudani, and  enabling the country to shift towards digitalization, as the solution to many of its crises, especially  corruption,  administrative slackness, and   poor service provision, and      encouraging investors and facilitating their work, which requires...

Firstly,  revitalizing and streamlining the public administrative apparatus.”  He pointed out that  "activating the public sector in Iraq must coincide with measures by which the government  supports the private sector,  increases the growth of its business, and  raises the level of partnership between it and the public sector."   https://www.mawazin.net/Details.aspx?jimare=244063   

Parliament Finance: The Central Bank Will Move To Support Banks Through This Mechanism

Money and business    Economy News – Baghdad  Today, Wednesday, the Parliamentary Finance Committee revealed the Central Bank’s intention to support banks through loans, while indicating that the Ministry of Labor has opened the platform for applying for small project loans.

The representative of the committee, Mustafa Al-Karawi, said in an interview followed by Al-Eqtisad News: “The committee, during its hosting of the governor of the Central Bank, called for support for banks, especially in the issue of loans,” indicating that “the governor of the central bank promised the committee to launch loans, especially the Real Estate Bank, to support the construction movement.”

He added, "Loans for small projects will be through the Ministry of Labor, which in turn has opened a platform to provide unregistered people who have not benefited from previous loans in order to support projects, with the value of the loan reaching 50 million dinars."

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Iraq's Accession To The European Bank For Reconstruction And DevelopmentEconomy | 12:13 - 03/20/2024  Mawazine News – Baghdad  The Iraqi Fund for External Development in the Ministry of Finance announced on Wednesday that the Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law.

The Finance Ministry said in a statement, received by Mawazine News, that this comes within the Ministry’s vision to strengthen cooperation and communication frameworks between Iraq and international financial institutions, and after the Fund’s continuous coordination with the management of the European Bank, the completion of Iraq’s contribution process, and the completion of all documents related to accession.

The Fund confirmed, according to the Finance Statement, that accession will enable the European Bank to finance projects within the country, promote development of various sectors, support the entrepreneurship initiative, and support the private sector through investments and participation in policy dialogue and technical assistance.

The statement indicated that the European Bank for Reconstruction and Development (EBRD) is a multilateral development bank headquartered in London, and focuses on investment as a tool to rebuild market economies in beneficiary countries, with an emphasis on supporting the private sector and its investments in advisory and political activities.

According to the Iraqi Finance Ministry, this bank helps countries develop their policies to promote self-sufficiency in energy or renewable energy markets. https://www.mawazin.net/Details.aspx?jimare=244232

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