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Iraqi move to join the Asian Bank

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1 Iraqi move to join the Asian Bank on Wed Feb 21, 2018 3:51 am

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Iraqi move to join the Asian Bank

21/2/2018 12:00 am
Baghdad / Mustafa Al Hashemi


Iraq is moving to become an observer in the Asian Investment Bank for infrastructure to participate in the reconstruction of cities devastated by terrorism after figures showed the amounts, which resulted from the Kuwait Conference for the reconstruction of Iraq, insufficient to meet the needs of the reconstruction of destroyed cities.

The Asian Infrastructure Investment Bank (AIIB) was established in 2014 as a US $50 billion international bank with more than 35 non-US contributory countries based in Beijing.

The Financial and Banking Advisor to the Prime Minister Dr. The appearance of Mohammed Saleh in a statement to the "morning" on the existence of a formal move in this regard to join the Asian Bank for investment in infrastructure, explaining that

"the economic and financial conditions that passed in the country in 2014 prevented the accession of Iraq at the time to this bank, A few million dollars."

Participation and membership

"If Iraq had the necessary funds to join, he would have entered as a contributing member to another group of countries," he said, adding that the decline in oil prices to very low rates and the emergence of a".

"We are now moving from Iraq to enter as an observer," he said.

"We hope that this year will witness the end of the procedures for joining the Asian Investment Bank in the infrastructure for the reconstruction of cities and the establishment of good infrastructure for Iraq General".

He said that "as much as the funds contributed by countries in the Asian Bank to invest in infrastructure, they in turn receive contributions from loans and grants to meet the need of their countries for reconstruction and infrastructure."

Terms of accession

Saleh stressed "the absence of obstacles to the accession of Iraq to this bank, noting that the requirements of loans IMF and the World Bank does not include restrictions on joining the Asian Bank to invest in infrastructure."

The current period calls for concerted international and domestic efforts to rebuild the cities devastated by terrorism because Iraq fought a war on behalf of the world through a campaign to fight the terrorist "terrorist" organization.

Kuwait's reconstruction conference ended last week without reaching the target of $88 billion, which was estimated to be sufficient to rebuild the cities devastated by terrorism. The results resulted in the allocation of $30 billion in loans and investments to donor countries participating in the conference.

Internal borrowing

In this regard, Falah Hassan Thueni the process of borrowing from the internal external borrowing and in accordance with a particular arrangement of deliberate measures to exploit the surpluses of funds in local banks and employment in the process The ages.

He added in an interview for "Sabah" that foreign investments require the presence of several factors do not require much of the local counterpart, "noting" the need to allocate projects of economic feasibility commensurate with the volume of excess liquidity in banks instead of external borrowing."

Correct contexts

The success of the financing of reconstruction projects requires the existence of effective banks and has the ability to finance productive loans instead of the launch of loans called individual loans lost, "he said, adding that

"success also requires the development of plans for the establishment of strategic projects related to infrastructure by adopting sound working contexts to support such These productive projects require that the government be a guarantor to her".

"The Iraqi Trade Bank (TBI) is able to finance part of the reconstruction projects of cities destroyed by terrorism," the bank said at a time former".

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