Thread: Archive News - Iraqi Dinar Think Tank - 24/01/201 - 23/07/2011

Iraq: private banks request the assistance of «Central» on the integration

Called on the private banking sector in Iraq, the Baghdad government, helping to take practical steps to help integrate the banks that have difficulties in raising capital, each up to 250 billion dinars ($ 213 million) before the end of 2012 and in accordance with the instructions of the Central Bank.

Quoted among the bank's «life» of what happened during an expanded meeting convened by the Association of Iraqi private banks in Baghdad with officials in 35 private banks have expressed the desire of their institutions in the government announced incentives for banks that are planning to integrate it, namely to allow the ministries and governmental institutions expand the circle to deal with banks merged, governmental organizations like banks.

The sources added that the integration of a number of banks has become a necessity required by the phase experienced by the sector currently, in expectation of the Executive Director of the Association Abdul Aziz Hassoun said in a statement made by the «life», to see the stage, near the steps towards the integration of many banks to become a strong banking entities, with a capital large assets and strengthen its position.

The Director General of the Department of Banking and credit of the Central Bank and Walid Idi Abdulnabi the concern of the bank to secure all the requirements of the growth of the private banks, especially those relating to the merger, calling the departments of private banks to develop a comprehensive vision for the sector, taking into account the need to establish entities compete for the Arab banks and foreign.

The search Thamer Ghadhban, President of the advisers in the Office of the Prime Minister Nuri al-Maliki, with Deputy U.S. Treasury Secretary, Neil will not, in the presence of a number of American experts and the Iraqis, in the ways of the joint technical cooperation in the field of economics, money and energy.

He angered the government seeks to enhance the contribution of private banks in the implementation of construction projects and construction, noting that the priorities of the government directed towards provision of basic services to citizens, and the development of the Iraqi economy, diversification of sources, especially non-oil sectors, through the promotion of foreign investment and the Arab and immediate community.

He angered that the government is moving forward in the process of transition towards a market economy, and the development of the agricultural sector and private sector support, and accelerate the implementation of the reform programs of public companies. He will not, and authorities are willing to U.S. banking and financial specialist to provide expertise to support banking and financial sectors of the Iraqis through training programs and capacity development and to give advice.

http://translate.googleusercontent.c...eZXoE-Ca9VpG0g

Increase the share of provincial gas oil starting from this month

Said the official spokesman for the Ministry of Oil, Tuesday, that the ministry has decided to increase the provincial share of monthly oil, gas, starting from the month of March instant.

The Assem Jihad told (Voices of Iraq) that "the new quantities will be sufficient to run the generators civil about 12-14 hours a day in preparation for the summer season and reduce the burden on citizens by increasing the number of hours provision of electric power."

On the other hand, Jihad said that "quantities of oil exported by Iraq last month more than two million and 200 thousand barrels per day," explaining that "these quantities considered the best since 2003."

http://radionawa.com/Ar/NewsDetailN....041&LinkID=155

Zain Iraq Secures $400m Debt Facility

IFC, a member of the World Bank Group, is supporting economic growth and expanded access to telecommunications services in Iraq through a landmark $400 million, seven-year debt facility for Zain Iraq, the country’s largest mobile phone operator.
Zain Iraq is a subsidiary of Kuwait-based telecommunications operator Zain Group, a longtime IFC partner. Zain is the pioneer in delivering high-quality and innovative communications services across the Middle East.

Over the last four months, with the support of Zain Iraq, IFC mobilized the $400 million debt facility, which consists of an IFC (A) loan of $155 million, a $50 million (B) loan committed by Ahli United Bank, and four syndicated parallel loans totaling $195 million by Proparco, Infrastructure Crisis Facility, DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH), and FMO (Netherlands Development Finance Co). The long-term debt facility will help Zain Iraq expand service coverage and improve telecommunications quality throughout Iraq, help unlock opportunities for entrepreneurship and innovation, and increase employment in a key, industry which has enormous multiplier effect across many other industries.

Zain Group CEO, Nabeel Bin Salamah, said, “This debt facility is an enormous vote of confidence by the IFC and the international financial community in Zain Iraq’s performance to date and its future expansion plans in a diverse and promising economy. The financing comes at a vital stage of the mobile operations business growth cycle as it expands to serve a relatively low-penetrated, yet high-potential mobile market.”
Dimitris Tsitsiragos, IFC Director for the Middle East, North Africa and Southern Europe, said, “For conflict-affected countries such as Iraq, where the movement of people and goods is complicated, access to reliable, high-quality voice and data services is key for economic activity and for personal and family safety. This facility demonstrates IFC’s commitment to supporting economic integration by facilitating cross-border investments within the region.”

IFC brought together the commercial bank syndication market and the development finance community to provide access to different sources of financing for Zain Iraq and to help promote the development of a syndicated loan market in Iraq.

Zain Iraq provides a multitude of mobile voice and data services to 12 million customers, representing over 50 percent of the country’s mobile phone market.

IFC’s other investments in Iraq-based firms and MENA firms undertaking projects in Iraq total $173 million, and include equity stakes in two banks and a cement producer, as well as loans for port and hotel construction.

http://www.iraq-businessnews.com/201...debt-facility/

Iraq’s Asiacell Grows Revenues by 26%

Qatar Telecom (Qtel) has announced significant growth last year in its Iraqi Asiacell operations.

Following on from the strong subscriber growth achieved in 2009, Asiacell has continued to increase its subscriber base this year leveraging its country-wide network.

Asiacell’s total subscriber base at 31 December 2010 stood at 8.1 million (FY 2009: 7.4 million). At the same time, Asiacell has delivered a number of significant enhancements this year to both its infrastructure and its service line.

These efforts combined have resulted in Asiacell delivering revenue growth in 2010 of more than 26.4% to QR5.1bn (FY 2009: QR4.0bn). EBITDA also increased, growing 21.2% year-on-year to end 2010 at QR2.6bn (FY 2009: QR2.2bn), a significant achievement in what remains a challenging and competitive marketplace.

http://www.iraq-businessnews.com/201...evenues-by-26/

Asiacell stop interconnection between them and the Zain Iraq

Asia-Cell take a step on the suspension interconnection between them and the Zain Iraq has announced to Radio Executive Director of the Asia-Cell Dr. Diar Ahmed, he has taken this action by the company, according to a book by the media and communications.

http://radionawa.com/Ar/NewsDetailN....225&LinkID=155

Trade Bank of Iraq will launch a fund for direct investment

Intends to Trade Bank of Iraq launch a fund for direct investment of $ 500 million to invest in the projects in war-torn country and will discuss next month for an international investor to be a General Partner of the Fund.

Said World Bank President Hussein Azri on Thursday, said the bank intends to launch the fund this year and he will invest in medium-sized projects in sectors including oil services, power and hotels.

Azri said during an interview, "Iraq would need a significant investment in infrastructure .. in housing, oil, electricity and this will require capital investment in the country and we are counting on the participation of the private sector, whether Iraqi or foreign."

He Azri: The Trade Bank of Iraq before more of its products beyond the trade finance and plans to open eight new local branches this year as well as 15 branches in place.

Azri, who refused to participate in the global banking conference in the Indian capital, naming the companies chosen to assist in the management of the Fund is planned. The Fund will seek to raise money from investors.

http://www.radiodijla.com/cgi-bin/ne...?id=2011-03-03

Asia-Cell Radio Tigris: No problems with the "Zain Iraq," We stopped the contact numbers of 6 million to implement the law

Company denied the "Asia-Cell" for connections on Thursday, and there are no problems between them and the company "Zain Iraq" for communications, noting it has cut interconnection six million number of Zain in implementation of the decision of the media and telecommunications.

Executive Director of the Asia-Cell Diar Ahmed said in a statement to Radio Tigris, "there are no problems between us and the Zain Iraq, but what happened is that the last printed six million number is not licensed by the media and communications and raised in the market, causing great damage to telecommunications companies Iraq the other. "

He went on to say: "The Commission decided to fine Zain and compel other companies to stop them and the interconnection between these figures is Almsrahp, and thus carried out a commitment to Asia-Cell's decision yesterday after Zain informed of this."

The head of Asia-Cell, said:

The Executive Director of the Asia-Cell, "threaten us, Zain Iraq criminal prosecution and to demand compensation for any damage resulting from the severance of interconnection six million lines of her," revealing "a meeting of officials in the Asia-stream on the background of this threat, and inform the media and communications and those other operational so. "

http://www.radiodijla.com/cgi-bin/ne...?id=2011-03-03

NIC Calls to Standardise Investment Licences

NIC Chairman, Dr. Sami Al- Araji has proposed standardising the investment licence template for investors in all provinces.

The new licence template was discussed during a meeting headed by Dr. Sami and attended by the chairmen of the PICs (Provincial Investment Commissions).

Dr. Sami also gave his directives to accelerate the process of allocating the lands required for investment projects in all provinces, in order to enable investors to commence their projects, especially the project ‘One Million Housing Unit’ project.

http://www.iraq-businessnews.com/201...tment-licences

Baghdad mayor resigns

Baghdad Mayor Saber Issawi presented his resignation on Thursday to Prime Minister Nouri al-Maliki, a media source said.

"Issawi presented his resignation to Prime Minister Nouri al-Maliki, but the Council of Ministers has not replied yet," the source told Aswat al-Iraq news agency.

Saber al-Issawi was born in Baghdad in 1968 and has a Bachelor from the Faculty of Agriculture Baghdad University.

He assumed his post as a mayor of Baghdad since 2005.

http://en.aswataliraq.info/Default1....&id=141283&l=1

Barham Saleh says ready to resign to solve problems

Prime Minister of Iraq’s Kurdistan region, Barham Saleh, on Wednesday expressed his government’s readiness to step down if this would solve problems in the region.

“I will not hesitate to present my resignation if this would solve the recent problems in the region,” Saleh said in an interview with a Kurd newspaper.

“Despite the government spent only one year, we managed to achieve serious progress in reforms and reconstruction fields,” he added.

Thousands of protesters went to street last Thursday (Feb. 17) calling for better services and living conditions and fighting corruption.

http://en.aswataliraq.info/Default1....page&id=141272