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The role of banks in development

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1 The role of banks in development on Sat May 27, 2017 6:23 pm



The role of banks in development

27/5/2017 12:00 am
Ahmed Sumaida'ie

Banking performance "money" is one of the most important junctures of economic development in Iraq, because it relates to investment and capital to be attracted to the field work.

Next work requires overcome all challenges that bedevil the advancement of production and service sectors, through activating the role of development banks, to build a strong economy requires establishing balanced and integrated economic development promotes and develops all the joints of the production and service economy.

And here we impose necessity optimization of material and human resources and in line with the requirements of sustainable development, and to begin the process of economic development needs a real job by the public and private sectors towards the ultimate goal of the national economy through the creation of an enabling environment, which represent the most important investment attractions.

And development, which we require to begin development of the banking system and Iraq is very important, where it is difficult to separate development of banking services to complement each other, and that the products have an active role in establishing an attractive environment and encouraging local and foreign investors.

The banking sector can play an essential role in terms of financing and investing in various economic sectors, and the consequent expansion of the two leaders discussed the market on both sides of the equation with bank savings, investment, and make them go from area venture funding to develop and update the entire productive sectors to create new dynamics of economic construction.

Foreign investment is not served by the absence of banking sector sober, but looking for advanced services that facilitate processes required by the movement of cash through streamlined lending and financing and investment companies, especially since conversion is studying closely the work environment and in particular the banking and insurance and performances are in Iraq need revision.

Required to work toward expanding the network of banking cooperation with international banks which enjoy universal confidence in the international banking sector, banking cooperative mechanism that requires turning away from dealing with banks that do not have rated well in their own countries and globally.

We know very well that international companies have legal departments examine the working mechanisms of the banks and know their location from money laundering, laundering and other financial crimes, which requires developing banking sector was considered sophisticated mechanisms increase away from all these errors.

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