Development of the banking sector boosts investment activity
24/5/2016 12:00 am
Baghdad – Hussein thghb Al-Tamimi
The banking sector involvement in business venture represents an important hub wheel work in Iraqi market, covering all aspects of reconstruction which are in dire need of an effective banking sector participant or financier of various projects.
Executive Director of the Association of banks of Iraq Tarek said: great investment workload in Iraq and that global and local companies through specialized and require great efforts for abundant job opportunities in all regions of Iraq which can be powerful economic actors worldwide, pointing out that it could be described as the eighth Tiger size of wealth they possess.
Added in the interview for «morning» the success and size of investment activity requires an active and sophisticated banking sector has high flexibility in moving funds supported by legislation at facilitates its banking regulation guarantees to the country's economic requirements, pointing to the importance of freedom for the banking sector in investment or direct investment partnerships that must be regulated by new legislation.
Tariq pointed out the importance of the development banks Act concerning Iraq and give them freedom and greater flexibility to participate in investment environment, pointing to the presence of experts the bankers who can develop and identifying threats and trends for this topic.
And the need to introduce sophisticated banking products contribute to raising the level of services provided to beneficiaries at all levels individuals or companies whether local or international, noting that the Association encourages all banks on the way to develop products to customers through the introduction of new and sophisticated systems to suit the requirements of all customers.
Gibraltar between the development of the banking sector is one of the objectives of the Association President, pointing out the importance of our becoming competitive banking sector regional and international banks, stressing that raise the products would stimulate capital cycle and provides liquidity to banks and contribute to attract big money stashed away in the labor market, urging to modify the legal framework for private Iraqi banks to enable them to participate in actual direct investment activities.
He was in the interview that the problems not only financing investment projects, where the local banking system requires, and through specialized research units and alstratigiat, creating and strengthening mechanisms allied with corporate executive and local and international engineering pedigree and also with international companies and investment institutions to enter into alliances with them for the purposes of operating and management and marketing in the projects to be implemented in partnerships entry whether rehabilitation projects for existing units or new projects.
Gibraltar between Lastly the important work on the development of human resources in the banking sector and make it out of the banking business and advanced systems in the world, pointing out that the Association adopt an annual plan for the training of banking competencies in various joints of the banking business.