Establishing Iraqi Investment Bank to Fund Large Infrastructure Projects

The National Investment Commission announced that Iraq is seeking to establish an Iraqi Public Sector Investment Bank which will contribute in funding major infrastructure projects and employ the revenues of private sector companies.

 This Bank will be established depending on a series of amendments of the existing companies and investment laws which will be presented to the Iraqi House of Representatives in its next round to create more jobs and expand the non-oil economic activities.

The NIC chairman Sami Al-Araji said to Reuters in the 2nd Iraq Finance 2014, the second international conference finance and banking in Iraq, held in Dubai-UAE on Jan 28th 2014 under the auspices of the Iraq central bank “ Iraq is planning to establish a governmental public sector investment bank to help in funding large infrastructure projects and employing the revenues of private sector companies”. Indicating that “ it will be called the Iraqi Bank for Investment and Development”.

The NIC chairman added “ that the bank  and for period of 4 years will receive 1% of the national budget allocations, and a legislation will be written and presented to the Iraqi House of Representatives for approval”.

Al-Araji continued “ the bank is also expected to fund small and medium enterprises (SMEs) in Iraq to create new jobs opportunities and increase the non-oil companies, projects and revenue”.

It worth mentioning that establishing a new Iraqi Public Sector Investment Bank to fund major projects will speed up Iraq’s development process which is in need of tens of billions of dollars, this can be done by several amendments on the Iraqi investment and other economy related laws.

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