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Welcoming Iraq's accession to membership in the European Bank

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Welcoming Iraq's accession to membership in the European Bank
Economical 03/26/2024
 Baghdad: Hussein Thaghab
Economic and financial experts in the public and private sectors unanimously agreed on the importance of Iraq’s accession to membership in the European Bank for Reconstruction and Development, and that in all cases
it represents an important step that enhances its position within the global labor market.
This accession comes at a time when the government and the Central Bank of Iraq are working to develop the Iraqi financial sector. And
moving it to a better stage, commensurate with its economic weight on the global scene.
Executive Director of the Association of Iraqi Private Banks, Ali Tariq, told “Al-Sabah”:
Iraq needs such important steps that strengthen its financial position,
at a time when efforts continue in full swing to develop the performance of the national financial sector, and that
such partnerships will have a positive impact on National financial sector.  He stressed that
the European Bank for Reconstruction and Development is an important financial institution, and that
joining in itself is a positive step that complements the development effort that the country seeks, as everyone realizes that
Iraq is an important field of work and a destination for many major international companies,
which requires us to work to keep pace with global developments in the financial sector.  He pointed out that the
efforts of the government and the Central Bank to develop the local financial sector are continuing and at their strongest, and
such steps reinforce these trends, as
they bring closer distances with important financial institutions.
The Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Muhammad Salih explained the
benefits of Iraq joining the European Bank for Reconstruction and Development.   Saleh said to the Iraqi News Agency (INA):
“There is a positive syndrome between building the development strategy that is embodied today by the government’s philosophy of launching a development initiative with comprehensive sectoral economic ties, which is called the (Development Road) project,
which is the corridor and the strategic project that connects the countries of the European Union.” In Asia through Iraq and the Gulf sea lanes and vice versa on the one hand, and
the requirements for implementing the various stages of the development path through the role that Iraq’s membership in the European Bank for Reconstruction and Development occupies on the other hand, especially in the
     preferences for obtaining European technology and
     ensuring the role of European Union countries’ companies in implementing the path. Development in all its aspects,
whether in
     industrial production projects, and
     various logistical services.”
Financial and economic expert Dr. Salwan Al-Nouri described Iraq’s membership in the European Bank for Reconstruction and Development as important and strategic and puts Iraq on safe paths. He said:
Iraq cannot achieve sustainable economic development without the presence of important global partnerships that accelerate the implementation of development plans, by providing supplies that effort cannot provide. Locally, at the same speed as our local effort, which is represented by advanced technology and capital. Al-Nouri pointed out that
the global effort can shorten the time and effort in the development process that Iraq seeks, as
it has abundant capital and advanced equipment that can be used to serve the national economy, and this is not impossible, pointing out that
such important partnerships with institutions have weight. On the global economic arena will enhance national development capabilities.
Economist Ahmed Maklaf said:
Iraq’s accession to membership in the European Bank for Reconstruction and Development is a success in itself, as
it contributes to changing the global outlook on the Iraqi business arena and moving it to a new stage,
especially since many international banks are still afraid of being present in the Iraqi market even though they are... Realizes the importance of Iraq on the global economic scene.
An official pointed out that the
concerned authorities in Iraq must work towards building bridges of cooperation with the largest international financial institutions and be present inside Iraq with a weight commensurate with Iraq’s economic size,
especially since Iraq represents the focus of important work in the region and the world, and that bilateral partnerships with Iraq are of great benefit to all. the parties

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