Central Bank of Iraq allows opening of Bank of Beirut

On the other hand, the Bank of Beirut also allows Iraqi banks to expand relations by interacting with the Bank of Beirut (UK) London branch.

The Bank of Beirut is ranked sixth among the largest Lebanese banks with high assets offset by the high capital that allow board of directors to move freely in various world markets, particularly in financing of foreign trade.

The bank's board of directors has decided to allocate credit limits sufficient to meet demand in promising Iraqi market.

The Bank provides its services through (41) branches on the Lebanese territories, and through the Bank of London, international unit of banking in Cyprus and representation offices in both United Arab Emirates and Nigeria.

The bank's board of directors has chosen banking expert Abdel Aziz Hasoon to be the head of representation office in Iraq.(Source)AlSabah

Iraq Investment law waiting ratification

Maliki said that the investment demands of the Saudi contribution to the consolidation of the infrastructure of Iraq and reconstruction, pointing out that the Iraqi government has completed a law allowing investors to invest Arabs and foreigners working in Iraq with sufficient safeguards.

Maliki called Saudi investors to work in the area of housing, energy, manufacturing, tourism and others.

Officials said that the delegation sees big response from the Saudi Arabian side in this direction, pointing out that the topic requires activation of the Iraqi investment law, which still awaits ratification in the State Consultative Council.(Source)AlSabah

Adoption of electronic trading project in Iraq, Baghdad Stock Exchange

He expected that Major Iraqi investors in Arab bourses, especially in Gulf countries, will sell a portion of their investments and invest in Iraqi Stock Exchange market when observing signs of positive change in Iraq. The same is true for the Arab investors, "especially after the issuance of a legislation that enables them to invest", He pointed out that prices of shares on Iraqi Stock Exchange is much lower than other markets, which is the most appropriate investment opportunities for non-Iraqis.

Regarding stock exchange electronic trading, he said that they have plans related to trading, cooperation and openness to the world. He pointed out that a committee from the Board of Market Governors Bourses visited Dubai and Bahrain and submitted a report to the Council about market needs of electronic transactions and deposit center systems. He added that the Swedish company "OMX" was chosen to apply and update these systems for five years starting from the date of application and operation.

And Abid Al-Salam expected that the application of electronic trading will improve performance of stock exchange dramatically and qualitatively. He said : "We are currently holding two sessions a week for two hours each, but with the help of electronic trading we'll have two sessions a day : morning, evening sessions, so ten sessions per week. Then the buyer can buy in morning session and sell in the evening or vice versa. And electronic trading will also enable us to be connected electronically with three banks to enable investors to obtain financial clearance after the sale. "(Source)Dar Al-Hayat

World Bank important role in the reconstruction of Iraq

Has been established the World Bank in 1944, Iraq was one of the founding Members of the bank said the number of members to 184 at present, the Bank is working to assist the Governments of poor nations in reducing the numbers of poor people through the provision of funding and technical expertise needed in the building of schools, roads, and reform of government services only much through the five institutions comprising :

International Bank for Reconstruction and Development : The provision of loans for low - and middle-income countries benefit significantly less than the interest charged by commercial banks on lending.

International Foundation for Development : The provision of grants and interest-free loans to the poorest countries so that the major component of the grant.

International Investment Guarantee Agency : working to encourage foreign investment in developing countries by providing guarantees to foreign investors against non-commercial risks such as war, political unrest and natural disasters.

International Center for the settlement of international disputes on investment : The settlement of disputes in the field of investment between governments and foreign investors from the private sector.

After the definition of World Bank institutions must be stopped on the most important activities undertaken by the reconstruction of Iraq, as follows :

- In mid-2003 helped the World Bank with other international institutions to prepare a study for the basic needs of rebuilding Iraq and the determination of the amounts required by the international community grants contribute to the reconstruction of Iraq on the basis of which has been estimated grants and soft loans to the extent 33 billion.

- The World Bank contributed to manage part of the grants provided by donors to Iraq since the establishment of a fund to finance the reconstruction of Iraq funds consist of grants from donor nations and to develop mechanisms for the fund, Having reached the funds deposited in this fund about $ 454 million contributed by 17 donors including the European Union, Japan, Britain, Spain and Australia.

- Has been allocated funds to implement these 9 projects were signed grant agreements between the World Bank and the Iraqi ministries recipient follows :

40 million dollars for the printing of textbooks - the Ministry of Education.

$ 60 million for the rehabilitation of schools - Ministry of Education.

$ 25 million for the rehabilitation of the health sector - the Ministry of Health.

$ 65 million for water and sewage project in Baghdad - the Baghdad.

$ 90 million for water and sewage sector in the provinces-the Ministry of Municipalities.

$ 55 million private sector development - the Ministries of Planning and Communications.

$ 20 million for infrastructure in rural areas - The Ministry of Water Resources.

$ 10 million for capacity-building (training).

- The World Bank, through the International Foundation for the Development of a soft loan to Iraq of $ 500 million. The term loan of 40 years including a grace period of 10 years without the benefits of financing projects in the areas of education, roads and bridges, health and electricity.

From the foregoing, we find that the World Bank will contribute effectively to the reconstruction of Iraq, but the important thing that must be mentioned is that the mechanisms of the World Bank in funding and implementation of projects require a long time based on the terms and conditions approved general have, Additionally, the security situation in Iraq would lead to a delay in implementation of the largest and does not expect tangible results in the near future, we may find this explanation of Iraqi citizens that he heard a lot about projects, but not seen, very little. (Source)AlSabah

Call to speed up publishing of Foreign Investment Law in Iraq

Munaf AL Saigh, a prominent member of the Iraqi Center for Economic Reform said in a statement that current heated discussions on the subject of the Iraqi stock exchange are healthy and require action.

He added that every country's stock exchange is the central point for investment activity, and a determinning factor in economic flexibility and political and economic stability. From the technical and daily operational point of view, stability is an absence of violence and the freedom for capital to enter and leave the country.

AL Saigh continued to say that the government should at once and without delay begin the reenactment of foreign investment laws to permit foreign investment and to involve investors, businessmen, academics, experts from the Chamber of Commerce, and economic experts from within and outside the Ministry of Trade to participate in the setting of flexible laws that serve the country's economy and strengthen the position of local and foreign investors.(Source)AlSabah

Kuwaiti commercial bank opened in SULAYMANIA, Iraq

On the same level, Sulaymania chamber of commerce ratified 45 commercial and economical contract with Turkey chamber of commerce included exporting agricultural tools and equipments besides factory spares and house furnitures.(Source)AlSabah

AL-MALKI announces conciliation project tomorrow

Atmospheres on the council refer to positive agreement with Maliki's national conciliation without o objections. All sides agree on the necessity of passing the crises, and although the project needs some adjustments but this will not prevent the agreement on adopting it.

As for the starting a national conference ,president , Talabani said that this project includes a call to held several conferences for political powers, parties tribes ,and religious figures which will move the community as a whole and mobilize the people energies to walk this road, adding that this call will help in planting confidence and hope in people spirits.(Source)AlSabah

Kurds to build free-trade zone close to Iranian border

The Kurdish north is practically divided into two regions, each with its own local administration and government.

The two administrations are reported to have united but each region is said to exercise some form of self-rule.

Sulaimaniya is under the control of the Patriotic Union of Kurdistan headed by Jalal Talabani, currently the President of Iraq.

The other region, including Arbil and Sulaimaniya, is administered by Kurdistan Democratic Party of Massoud Barzani.

Kareem said work on the 5-million square meter zone is expected to start soon.

“Several foreign firms will take part in building the zone,” Kareem said without elaborating.

He said the regional authorities in Sulaimaniya were in talks with the American embassy in Baghdad and central government authorities to exempt goods destined for the zone from taxes and tariffs.

“The project will open up new opportunities for business and commerce with neighboring states and make many new jobs available,” he said.(Source)Azzaman

Foreign companies participate in the building process for Iraq

Minister of reconstruction said that these companies will inter the Iraqi market of reconstruction, and will be preferable in future contracts and the can participate individually or collectively with the ministry companies to fulfill the projects and activate cooperation frames.
(Source)AlSabah

Tigris & Euphrates bank presents service in Kuwait

The Kuwaiti share in that bank is 49%, Aaian company has 35% of the bank's shares. The director showed that the bank mission is to provide banking services with high quality to clients in multiple fields.(Source)AlSabaah