Thread: Archive - Latest News Think Tank - 15/01/09 - 04/05/09

E.x.e.cutives of U.S. banks attending the conference Iraqi banking - international

The United States Embassy today, representatives of U.S. banks and other banking experts from the United States to attend the conference the Iraqi banking - on the international 28-29 in January, Adnan Palace next to the international zone.

Is currently in Baghdad, representatives of the banks, JP Morgan (JP Morgan) and Citibank (Citibank) and other banks, in addition to experts from the Financial Services Volunteer (Financial Service Volunteer Corps) to meet with private banks in Iraq during the conference, which lasts for two days, primarily the support of the Commercial Bank and the auspices of the Minister of Finance.

The finance minister and electricity, in addition to the representatives of six government banks and 33 bank in the private sector bankers to meet with visitors and other personnel in the industrial sectors to discuss the bank to establish contacts leading to the deepening of trade relations between Iraq and the global markets. The participants discussed the new job opportunities for the banks in Iraq and the requirements needed to fund operations and other commercial banking operations of the World. It also includes discussions of possible areas of support by the private sector companies, the Treasury and the offices of a supplement in the United States Embassy, and coordinator of economic transition in Iraq.

Relations will be built during the conference to support efforts through the strategic framework agreement signed between the United States and Iraq, which entered into force on the first of January and was working to encourage the growth and prosperity of the Iraqi economy.

The ambassador welcomed Mark Wall, coordinator of economic transition in Iraq in the United States Embassy, the initiative "Partnership of America - to strengthen the Iraqi banking sector, and dealing with the private sector will provide the building blocks for a broader economic role of Iraq in the region and the world."

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Finance: To increase the credit to the private sector than two million dollars to four million dollars

The Iraqi Finance Minister Bayan Jabr, on Wednesday, foreign and international banks to open branches in Iraq and the establishment of partnership relations with the Iraqi banking sector. "

Zubaidi said in a speech on the occasion of the opening of the International Federation of Iraqi banks in Baghdad and direct broadcast S.a.t.ellite channels "I call on international banks and foreign countries which attended the Conference of the International Federation of Iraqi banks, which did not attend that is seriously considering opening branches in Iraq or to begin to establish relations of partnership with the private sector Iraqi private banks. "

He called al-Zubeidi the banks participating in the conference which was attended by many delegates from Arab and global banks to "start tomorrow in the workshops and meet with the Iraqi private sector banks to participate or coordination or coverage, or the process of opening credits."

Zubaidi said that the Ministry of Finance was "to increase the credit to the private sector than two million dollars to four million dollars (the U.S. dollar equivalent of 1118 dinars), but the terms will be determined by the Central Bank."

The Minister urged the "private sector banks to participate in the investment and support the private sector and the industrial contractors and reconstruction and contribute to the process of construction."

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Baghdad is seeking to convene an international conference to discuss the reality of the oil sector
Barham Salih said in a press statement Tuesday that Iraq «is trying to hold a conference in Baghdad in the next few days to develop a vision for the future of the reality of oil and a policy capable of supporting the national economy».

Deputy Prime Minister Barham Saleh said Iraq plans to hold an international conference to discuss the reality of oil production in the country, with the participation of experts and specialists and representatives of international companies, with the oil ministry has denied knowledge conference, attributed the deterioration of the political sector to «the delay in the approval of oil and gas law and the absence of strategic plans the Government and the Ministry ».

He denied the government's intention to raise the price of petroleum products during the current year budget to support public access and to avoid economic recession, and added that «the government formed a committee to review the prices of fuel due to low world prices».

He was criticized in a televised current oil policy, as «catastrophic need to fit a new vision and global developments in all areas».

The politicians and deputy prime minister in the oil policy in the wake of the US-led invasion in 2003 was disastrous, but they disagreed on the reason.

He attributed the member of the Committee on the oil and gas in the parliament (of the Shiite Alliance bloc) Hadi al-Hassani, the failure to «the delay in approving the laws governing this sector». He said in a statement to the «life» that «a failure to approve the law, causing the country in a state of confusion brought disaster to the oil sector». Pregnancy «Kurdistan region of responsibility of its uniqueness in the signing of contracts and not to return to parliament and the central government», pointing out that «those contracts will lead to waste of public money and damage to Iraq's economic».

He called for the standardization of contracts entered into by the Federal Government and the Kurdistan Regional Government, pointing out that «the lack of coordination will give an opportunity for international companies to impose big privileges».

But a member of the Commission on oil and gas (from the Sunni Accordance Front) Noureddine Hayali said of «life» that «there is a secret document signed by the federal government will allow the Kurdistan regional government's oil fields to invest in the region».

He added that «the Commission on oil and gas reserves in this document, which dates back to the sixth month of the year 2007».

Held the government and the central government and Kurdistan region responsibility for the deterioration of the oil sector, pointing to the «they did not respect the Constitution and the political consensus and signed agreements illegal».

He added that «the oil ministry did not develop programs for the development and establishment of refineries, but has an easy way to import, as it did not take the evolution of the production to back down from two million barrels per day to about one million and seven hundred thousand». And condemned «the oil ministry to import petroleum products from Iran, which in turn import a month three million barrels a day». He pointed out that «such a move put many question marks on the policy of the Ministry of Oil, confirms the existence of cases of financial corruption».

The Oil Ministry refused to comment on the description of some officials of the oil policy Balcarthyp, simply press office in contact with the «life» to send «informed the ministry of any fact, considering the oil in Iraq».

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Kubba, the Iraqi families that account for 49% of the capital «Capital Bank» Jordan

Jordanian banking sources have revealed the family of the Iraqi Kabbah 49 per cent of the Bank's capital and the Jordanian capital of about 190 million dollars and which has investments in the banking sector in each of the Sudan, Syria and Iraq.

The sources confirmed that he is expected to be elected Hassan Ghalib Kubba, Chairman of the Board of Directors after he entered in the membership of the Council for the month of September (September) last year, which was occupying the post of Director-General of the Basra International Bank for investment. Referred to the President of the Board of Directors of the bank, Ziad Fariz has submitted his resignation, the acting president Kim Abu Jaber, Vice-Chairman of the Board of Directors of the bank did not disclose the sources of any changes in the administrative structure of the investment bank.

It should be noted that the family of Kabbah had financial investments in Jordan close to 500 million dollars, sources expected to lead these changes in the Capital Bank of Jordan to the plans of new policies and maximize the bank's financial situation, especially since he has seen a decline in performance in the last period.

Kabbah has good relations with the heads of special boards of the banks of Jordan, Lebanese, Syrians, Sudanese, and he has a stake in Union Bank for Savings and Investments.

The sources revealed the retention of the transfer of the investment group, one of the largest investment groups in Jordan and their membership in the World Bank in addition to representatives of the social security Haitham Majali, as well as the retention of the World Bank for the Development of its membership and its share in the bank to be the economic expert Roy Kara Oougland, and there are new names expected to announce in the membership of the Governing Council, who have extensive experience in the banking sector, including Abdul-Raouf Al Bitar Jordanian investor, which has important investments in Saudi Arabia and Jordan.

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Zubeidi calls for international banks to open branches in Iraq

The Minister of Finance of Iraq, "Bayan Jabr Arab and international banks to open foreign branches in Iraq Aoacamp relations with the participation of the private sector bank. said during the conference of the Union of Iraqi banks / international on Wednesday, Which was attended by businessmen from all over the world, that Iraq was increasing the credit to the private sector of the Iraqi 2 million U.S. dollars each to the adoption of 4 million dollars but the terms will be determined by the World Alrkzi.

urged private banks to the real banking business through the support of the investment process and support the building, thus contributing to the rebuilding of Iraq. He pointed out that the Ministry of Finance and the Central Bank will provide all the aid in order to contribute to the reconstruction of Iraq and provide support.

Zubaidi said that the seven banks, the government has seen a remarkable development, and the Agricultural Bank was able during the last period to provide a loan of 40 agricultural and this was not a quantum leap in Iraq during the last period. Iraq, as well as the bank was able to provide thousands of loans amounted to 15 thousand loan in the past two years to the citizens to build housing units. Zubeidi said that Iraq as.pires to contribute to international banks to solve the crisis of housing.

The inter-Zubaidi of the points Wazzrp followed by a restructuring of the Iraqi banks in cooperation with the International Fund and the World Bank and the activation of the Supreme Committee of Laslah (Allarrok). Tshwete and the external debt of the banks to relieve their annual budgets in accordance with the terms of the Paris Club.

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Trade Bank of Iraq provides facilities for investment in electricity

The Iraqi Trade Bank (J. P. morgen) of Electricity Ministry, to provide "important facilities" by the bank to invest in the sectors of electricity, according to a statement of the ministry.

The statement, which was issued Wednesday and received (Voices of Iraq) a copy of which was the director of the Trade Bank of Iraq (J .. P. morgen) Azri's presentation during a meeting with Minister of Electricity Karim Wahid, "the task of providing facilities by the bank investments in the field of electricity."

And how to establish a new mechanism to reduce the time periods of the opening credits. "

According to the statement, the Ministry of Electricity "from the ministries that deal with more open credits with international companies."

The statement added that the ministry "had fully implemented the investment plan has been implemented as the basic and supplementary budget and disbursement of 350% of the amounts allocated to the plan and thus is the Ministry (1) in the implementation of the investment plan," and she hoped "the relevant ministries such as the Ministry of Finance to develop a financial plan for 2009 into effect for the purpose of completing the contracts that were signed with international companies, which will be built between the years 2009 - 2010. "

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Shahristani: the oil industry will prosper in the future Iraq

"The Oil Minister Hussain al-Shahristani, on Wednesday, Iraq will be prosperous future in the oil industry, opening new horizons for both the Arab and European, and announced the transfer of three oil fields discovered between Najaf and Karbala and Babil to the international companies.

Shahristani said during a lecture at the University of Karbala on the (prospects for Iraq's oil industry), "Iraq's oil industry will thrive in the future and open up new prospect of Arab and European worlds." Adding that "the oil ministry and self-sufficient and does not rely on the general budget of the country"

The oil minister for the transfer of three oil fields discovered between the provinces of Karbala, Najaf, Babel, the specialized international companies through service contracts with these companies, "without giving any further details on the time of discovery and the time of the assignment or the date of the introduction of the three fields.

The reports last year indicated the presence of oil fields between the three provinces of Karbala, Najaf, Babil, which is in the field of Kifl and Najaf, a field west of Kifl corals in Karbala, is the largest in the field of Kifl oil stocks were estimated at about 311 million barrels and production is expected limits of 25000 barrels per day.

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Central sales rise to 92 million dollars in the canteen

the U.S. dollar sales of the Central Bank in an auction for the sale and purchase of foreign currencies, on Wednesday, to reach 92 million and 959 thousand dollars, and a stable exchange rate of the previous meeting at 1170 dinars per dollar.

The bulletin issued by the Central Bank and the Agency has received (Voices of Iraq) a copy of which was that "the total volume of demand for the dollar stood at 92 million and 959 thousand dollars at the exchange rate was stable compared to 1170 dinars per dollar."

The figure is up from the previous meeting, which recorded a total volume of demand for the dollar stood at 75 million and 840 thousand dollars at the exchange rate at 1170 dinars per dollar.

The bulletin said the "distribution of demand for the dollar by 47 million and 595 thousand dollars in cash, covered the bank at the exchange rate at 1176 dinars per dollar, including the central bank and the commission of six dinars per dollar."

According to the bulletin, "The value of remittances outside the country amounted to 45 million dollars, covered the central exchange rate was 1173 dinars, including the central bank and a commission of three dinars to the dollar," did not make any of the 11 banks participating in the auction, offers to sell the dollar.

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Is the financial position to interpret the return of the Iraqi capital?

Turn wealthy owners of capital and the Arabs to the West for the operation of their money in Borsath and financial markets in search of quick profits first and the higher their faith that the West is safe, which protects their money out of volatility and instability Political in the countries with developing economies have migrated from the national capital, including Bldanhalaspab related to security conditions, as happened in Iraq and other countries and are of relevance to them we have indicated in the introduction to the modern. Now that revealed the falsehood of the theory of vibration safe once the financial situation in the world and the outbreak of the crisis money, which started from (Wall Street) in the United States and covered all over the world must be made use of the results and implications, and to think again to invest money in the national foster home and hear the voices that called for and has always advocated that the best types of investment are those that are moving toward the actual fields of production, investment and benefit from the prospects the advancement of the real and promising countries in which distanced itself from the practice away from the concepts of the real economy and producing fields that are relevant to development.

Therefore, the Iraqi capital, which have migrated for reasons that may be justified by the year 2003, and in recent years for security reasons in the country are invited to return and to reflect their owners to return to the foster home and take advantage of the features of the Iraqi investment law No. 13 of 2006, which was keen to secure a great deal of confidence and confidence to the owners of capital money, whether national or non-national, meaning that the investment in the real economies of countries with much better than buying stocks and speculation in the developed world, which has been rocked by the violent collapse of stocks in the United States far. As we turned for excuses if the owners of capital flight during the migratory the last decade there is no justification for their survival in the diaspora vulnerable to fluctuations in economic conditions in those countries, especially after that if security is established in the country and the improvement of security conditions .. and the Iraqi economy, the trends indicate that guarantee them the establishment of private enterprises and large beneficiaries of the loan facilities and marketing of the domestic product.

The talk about the subject of national investment and operation of the Iraqi capital in the economic exploitation of the real and the expected revival of the Iraqi economy did not mean to exploit the opportunity that the world is going through difficult circumstances, but based on the fundamentals and understanding of the importance of a high first national money for the purpose of investment open to him in his country. as well as the demise of the domination and authority of the State and dissipated the fears that accompanied the progress of the private sector since 1958 and subsequent periods, and always threatened. Also, the doors open to all sectors of cooperation between them with a view to achieving the highest rates of development, and investment projects presented by the departments and state institutions and large multi-game and always to the investor of Iraq that is of sufficient capacity and expertise to manage those projects, particularly the state took into account the issue in its recommendations were binding on Iraq's preference for presentations in various areas.

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Specialists: the need to provide facilities to investors and investment laws change

Salah said the Director of the Center Bahiyyah Babel for the development of the business community that the center and in collaboration with the private enterprise of the United Nations and the investment in the province has established a call to the local government and various government departments to focus on the implementation of projects that serve the infrastructure investment such as roads and electricity networks, and others. The Conference addressed a number of constraints and Almarqlat facing domestic investment in Babil, and noted that the recommendations of the conference included the formation of a committee created to invest Babel and its related entities to discuss the issue of rent and Almsatahp and the duration of the ownership of the land for investment

And call for the establishment of joint stock companies from the domestic private sector to accumulate capital for the purpose of engaging in investment market and invite the entrepreneurs based on the rehabilitation and development and modernization projects, according to the Investment Law and the opening of the market for the securities of Babel as well as to form a committee from both formal and informal study of the realities of local investors and rehabilitation, and to activate their role The study of the realities of investment in the province of Babel, in addition to call charges for the issuance of instructions specific to soft loans for investment purposes that the Commission makes recommendations to the Investment Authority to take advantage of Babel, and calling on the parliament and ministries to accelerate the treatment of some old laws and regulations in force and that investment is difficult to work and finally approached the Ministry of Tourism and Antiquities of the opening of Babel for Tourism Investment.

For his part, the general manager of Ala spearhead investment in the Babil province of Babylon, one of the provinces and that the investment function has opened the doors of all investment in the areas of tourism, agricultural, industrial and service licenses and investment could be given even to those who have the list of projects, pointing out that the sector needed to support investment sustained by all as the recent experience.

He said that the Authority operating in an environment that is inappropriate because of laws that set the area on which the act which called on local investment services and related institutions in the State institutions to address the department to address the laws and the old legislation, which is still in force.

It should be noted that the General Authority for Investment and a number of recently signed investment contracts with foreign companies and local.

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