Iraq officially joined the European Bank

[yota691]

Iraq officially joined the European Bank

2020.10.09 - 15:15

 

The relentless efforts of the Ministry of Foreign Affairs represented by the Embassy of the Republic of Iraq in London and the European Bank for Reconstruction and Development have culminated in the approval of the members of the Board of Governors of the Bank for Iraq to join the Council, during the voting process witnessed by the annual meeting of the Board of Governors, which is held in London for the period 7-8 October 2020.  

Iraq’s formal accession to the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, and to obtain technical support and assistance that create a suitable investment platform.  

This common achievement has been secured despite the difficult circumstances imposed by the outbreak of the Coronavirus on various countries of the world, including Iraq. We hope that this step will be an introduction to joint action aimed at strengthening the private sector in Iraq to be able to compete and contribute to supporting sustainable development in the country.
On this occasion, the embassy appreciates the efforts of the European Bank for Reconstruction and Development, especially the members of the Board of Governors, the Secretary General, Mr. Enzo Kwatruchioch, and the staff of the Secretary General's office.  

The Ministry of Foreign Affairs,
Baghdad
9/10/2020 

[yota691]

 

[yota691]

Iraq to join European Bank for Reconstruction and Development

 

 

Date

10/8/2020 8:39:55 AM

 

(MENAFN - Iraq Business News) Iraq has taken the first step to become a member of the European Bank for Reconstruction and Development (EBRD) .

The 71 existing shareholders of the multilateral financial institution approved a request by the country during the Bank's Annual Meeting on Wednesday.

The EBRD promotes private sector development and sustainable and inclusive growth through a combination of investments, policy engagement and technical assistance. Last year, the EBRD financed 452 individual projects in Europe, Asia and Africa and financing exceeded €10 billion for the first time in the Bank's history, rising to €10.1 billion from €9.5 billion in 2018.

Iraq submitted a request for membership in April 2018. The Bank's Board of Governors has now agreed to the first stage in this process. Iraq will have to meet some pre-membership requirements before the membership process concludes with the acquisition of shares.

Jürgen Rigterink (pictured), the EBRD's Acting President, welcomed the decision:

"We are very proud and happy that we will soon be able to welcome Iraq as our latest member. Today we have taken the first step on what we hope will be a long and successful joint journey. We are looking forward to building closer ties with Iraq."

Mohammad Jaafar Al-Sadr, the Ambassor of Iraq to the United Kindom, said:

"We welcome the outcome of the EBRD's Annual Meeting and the support EBRD's Governors for Iraq's request to become a member of the Bank. We appreciate the Bank's shareholders attention to our application and the work of the EBRD Secretary General and his team dedicated to processing this request specifically during this challenging time of Covid-19 pandemic."

As a shareholder, Iraq could subsequently make an application to change its status to recipient country, benefiting from the EBRD's finance and policy support. This request would be addressed by shareholders in a separate process.

The current geographical remit of the EBRD's southern and eastern Mediterranean region does not include Iraq. The resolution adopted by the Bank's Board of Governors today "confirms the EBRD's interest in a limited and incremental expansion to sub-Saharan Africa and Iraq during the next strategy period 2021-2025." Governors will consider an update in 2022, reflecting guidance to be provided at the 2021 Annual Meeting.

[Wheelman]

25 minutes ago, yota691 said:

 

Happy Friday, thanks Yota.

[yota691]

Iraq officially joins the European Bank membership and revealed its benefits

•  Time: 10/09/2020 15:26:38
•  
•  Read: 975 times

  

{Baghdad: Al Furat News} The Ministry of Foreign Affairs announced that Iraq has officially joined the European Bank.

A statement of it stated that the Euphrates News Agency received a copy of it, "The relentless efforts of the Ministry of Foreign Affairs represented by the Embassy of the Republic of Iraq in London and the European Bank for Reconstruction and Development have resulted in the approval of the members of the Bank's Board of Governors for Iraq to join the Council, during the voting process witnessed by the work of the annual meeting. For the Board of Governors that will be held in London for the period 7-8 October 2020. "
He added, "Iraq’s formal accession to the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, and to obtain technical support and assistance that create a favorable ground for investment."
The statement continued, "This common achievement has been secured despite the difficult circumstances imposed by the outbreak of Corona virus on various countries of the world, including Iraq. We hope that this step will be a prelude to joint action aimed at strengthening the private sector in Iraq to be able to compete and contribute to supporting development." Sustainable in the country. "
He pointed out that "on this occasion, the embassy appreciates the efforts of the European Bank for Reconstruction and Development, especially the members of the Board of Governors, Secretary General Enzo Kwatruchuchi, and the staff of the Secretary General's office."
Ammar Al-Masoudi

[yota691]

12 minutes ago, Wheelman said:

Happy Friday, thanks

Happy Friday to you @Wheelman and all of DV, Hope everyone has a Bless Day...By the way Love your Name, reminds me of the back in days...

[yota691]

EBRD governors sign off on green investment pivot, Iraq to join

 

Reuters

1d

 

 

 

LONDON/ROME (Reuters) - Governors of European Bank for Reconstruction and Development pledged to shift more than 50% of the lender’s investments towards green projects by 2025, gave Iraq the nod to join and formally postponed plans to expand into sub-Saharan Africa

EBRD governors, currently congregating virtually for the bank’s annual meeting, signed off on the lender’s strategy for the next five years. They are also due to elect a new president on Thursday, with sources saying France’s Odile Renaud-Basso is set to become the next president.

The sign-off confirms the lender’s pivot towards on projects that will help shift countries to a low-carbon economy while governors also agreed as expected to a request from Iraq to become a shareholder of the bank.

The new strategy confirmed policymakers would revisit expanding into Sub-Saharan Africa, which was originally expected to begin this year, to 2022 and focus on its existing countries of operation for now.

 

“The COVID pandemic has hit all our countries of operations hard,” EBRD governor for Spain Nadia Calvino said in a recorded video message at the opening of the meeting.

“Our priority now is on crisis response, on recovery, and on building back better to accelerate transition.”

The EBRD was set up in 1991 to invest in the ex-communist economies of eastern Europe. It now operates in 38 economies, chiefly in Europe, the Middle East, North Africa and central Asia.

Meanwhile French Treasury head Renaud-Basso was on track to take on the top job at the bank, according to sources, after Italy’s former economy minister, Pier Carlo Padoan, had pulled out of the race for president.

Padoan and Renaud-Basso were seen as the front runners for the position, with Polish Finance Minister Tadeusz Koscinski also in the race.

 

The EBRD confirmed that the vote was now between Renaud-Basso and Koscinski.

Renaud-Basso is set to succeed Britain’s Suma Chakrabarti, who finished his second four-year term earlier in the year. If confirmed, she would become the fourth French president of the EBRD.

To be elected, a candidate has to receive the votes of a majority of governors, representing a majority of the total voting power of members.

Reporting by Karin Strohecker and Tom Arnold in London and Giuseppe Fonte in Rome; writing by Karin Strohecker; editing by Mark Potter, Jan Harvey, Larry King

[Wheelman]

31 minutes ago, yota691 said:

Happy Friday to you @Wheelman and all of DV, Hope everyone has a Bless Day...By the way Love your Name, reminds me of the back in days...

@Yota I’m still around, I miss the ol days on the call, but I’m as always thankful for the knowledge learned, and still following the Iraq Constitution.

[6ly410]

Foreign Ministry announces Iraq's formal accession to membership in the European Bank

15:11 - 10/09/2020https://www.almaalomah.com/2020/10/09/499136/

The information / Baghdad ..

Today, Friday, the Ministry of Foreign Affairs announced that Iraq has officially joined the European Bank.

A statement of the Ministry, which received / the information / a copy of it, stated that “the relentless efforts of the Ministry of Foreign Affairs, represented by the Embassy of the Republic of Iraq in London and the European Bank for Reconstruction and Development, expressed the approval of the members of the Bank’s Board of Governors for Iraq’s accession to the Council, during the voting process witnessed by the work of the annual meeting of the Council. Governors to be held in London for the period 7-8 October 2020 ”.

The ministry indicated that “ Iraq’s formal accession to the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, and to obtain technical support and assistance that prepares the appropriate ground for investment.”

And she continued, "This common achievement has been secured despite the difficult circumstances imposed by the outbreak of Corona virus on various countries of the world, including Iraq ," noting: "We hope that this step will be a prelude to joint action aimed at strengthening the private sector in Iraq to be able to compete and contribute. In support of sustainable development in the country.

"On this occasion, the embassy appreciates the efforts of the European Bank for Reconstruction and Development, particularly the members of the Board of Governors, Secretary General Enzo Kwatruchioch, and the staff of the Secretary General's office," the statement said

[6ly410]

 

[6ly410]

Press Statement

by media2 · 09/10/2020

With relentless efforts of the Foreign Ministry represented by the Embassy of Republic of Iraq in London and the European Bank for Reconstruction and Development which resulted in the approval of the members of the bank’s Board of Governors to Iraq’s joining of the Board, during the voting process witnessed in the annual meeting of the Board of Governors, which was held in London for the period 7-8 October, 2020.

Iraq’s formal accession to the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, and to obtain technical support and assistance that creates a suitable ground for investment.

This achievement has been made despite the difficult circumstances imposed by the outbreak of Coronavirus on various countries of the world, including Iraq.
We hope that this step will be an introduction to joint action aimed at strengthening the private sector in Iraq to compete and contribute to supporting sustainable development in the country.
On this occasion, the embassy appreciates the efforts of the European Bank for Reconstruction and Development, particularly the members of the Board of Governors, the Secretary General Mr. Enzo Quattrociocche and the staff of the Secretary General’s office.

Foreign Ministry
Baghdad
9/10/2020

[yota691]

Iraq to join European development investment bank

3 hours ago

Rudaw

• 

The European Bank for Reconstruction and Development (EBRD) this week approved the first stage of Iraq’s accession. File photo: EBRD

ERBIL, Kurdistan Region – Iraq’s request to join a European development investment bank has been approved, a move that will help the country develop its banking and private sectors and encourage investment, the foreign ministry announced on Friday. 

The board of the European Bank for Reconstruction and Development approved Iraq’s application in a vote this week. “Iraq’s formal accession to the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, and to obtain technical support and assistance that creates a suitable ground for investment,” read a statement from the foreign ministry.  

“We hope that this step will be an introduction to joint action aimed at strengthening the private sector in Iraq to compete and contribute to supporting sustainable development in the country,” the ministry added. 

The bank was founded to 1991 in the post-Cold War era. It “promotes private sector development and sustainable and inclusive growth through a combination of investments, policy engagement and technical assistance.” Last year, it funneled more than 10 billion euros into 452 projects in Europe, Asia, and Africa.

“We are very proud and happy that we will soon be able to welcome Iraq as our latest member. Today we have taken the first step on what we hope will be a long and successful joint journey,” said Jurgen Rigterink, the bank’s acting president. 

Baghdad first sought membership in 2018 and will still need to meet some membership requirements. 

Iraq’s economy is heavily dependent on oil sales, leaving it vulnerable to fluctuations in oil prices. When Prime Minister Mustafa al-Kadhimi came to power earlier this year, he said that state coffers were nearly empty because of record low oil prices and years of corruption and wasteful spending. 

“Iraq is having its worst annual gross domestic product (GDP) growth performance in 2020 since the fall of the Saddam regime,” the World Bank said on September 30. “Instability, a lack of jobs, corruption, and poor service delivery remain among the most important risks to the country’s long-term growth.”

Long term, structural reform is necessary to build the private sector and secure the economy, the World Bank noted. 

[yota691]

Iraq succeeds in joining the Board of Governors of the European Bank for Reconstruction and Development

Policy

2020-10-09 | 08:15

 

2,919 views

 

 

On Friday, the Ministry of Foreign Affairs announced that Iraq has joined the Board of Governors of the European Bank for Reconstruction and Development.

She said Ministry of Foreign Affairs In a statement received by Alsumaria News, "efforts Ministry of Foreign Affairs Al Hittha was crowned with success represented by By Embassy of the Republic of Iraq in a London The European Bank for Reconstruction and Development with the approval of the members Board of Governors In the bank on joining Iraq To the Council, during the voting process witnessed by the annual meeting for Board of Governors To be held in London For the period 7-8 October 2020. "

 

The ministry confirmed that "the accession Iraq Officially, the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, obtain technical support, and assistance that creates a suitable basis for investment.

”She added,“ This joint achievement has been secured despite the difficult circumstances imposed by the outbreak of the Coronavirus on various countries of the world, including Iraq. We hope that this step will be an introduction to joint action aimed at strengthening the private sector in the country Iraq To be able to compete and contribute to supporting the sustainable development of the country. "

"On this occasion, the embassy appreciates the efforts of the European Bank for Reconstruction and Development, especially the members." Board of Governors The Secretary-General, Enzo Kwatruchiocch, and the staff of the Secretary-General's office. "

[yota691]

Foreign Ministry announces Iraq's joining the Board of Governors of the European Bank for Reconstruction and Development

 

October 9, 2020

 
  35

And brother of Baghdad

The Ministry of Foreign Affairs announced the approval of members of the Board of Governors of the European Bank for Reconstruction and Development to join Iraq during the voting process witnessed by the annual meeting of the Board of Governors, which is held in London for the period 7-8 October 2020.

The ministry affirmed in a statement that “Khabar Press” received a copy of it, that “Iraq’s formal accession to the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, and obtain technical support and assistance that prepares the appropriate ground for investment.”

And she added, in a press release, “This common achievement has been secured despite the difficult conditions imposed by the outbreak of Corona virus on various countries of the world, including Iraq. .

And she continued: "We hope that this step will be an introduction to joint work aimed at strengthening the private sector in Iraq to be able to compete and contribute to supporting sustainable development in the country."

[CODE777]

Iraq to join European Bank for Reconstruction and Development

On October 8, 2020, In Finance News, By William B.

Iraq has taken the first step to become a member of the European Bank for Reconstruction and Development (EBRD).

The 71 existing shareholders of the multilateral financial institution approved a request by the country during the Bank’s Annual Meeting on Wednesday.

The EBRD promotes private sector development and sustainable and inclusive growth through a combination of investments, policy engagement and technical assistance. Last year, the EBRD financed 452 individual projects in Europe, Asia and Africa and financing exceeded €10 billion for the first time in the Bank’s history, rising to €10.1 billion from €9.5 billion in 2018.

Iraq submitted a request for membership in April 2018. The Bank’s Board of Governors has now agreed to the first stage in this process. Iraq will have to meet some pre-membership requirements before the membership process concludes with the acquisition of shares.

Jürgen Rigterink (pictured), the EBRD’s Acting President, welcomed the decision:

“We are very proud and happy that we will soon be able to welcome Iraq as our latest member. Today we have taken the first step on what we hope will be a long and successful joint journey. We are looking forward to building closer ties with Iraq.”

Mohammad Jaafar Al-Sadr, the Ambassor of Iraq to the United Kindom, said:

“We welcome the outcome of the EBRD’s Annual Meeting and the support EBRD’s Governors for Iraq’s request to become a member of the Bank. We appreciate the Bank’s shareholders attention to our application and the work of the EBRD Secretary General and his team dedicated to processing this request specifically during this challenging time of Covid-19 pandemic.”

As a shareholder, Iraq could subsequently make an application to change its status to recipient country, benefiting from the EBRD’s finance and policy support. This request would be addressed by shareholders in a separate process.

The current geographical remit of the EBRD’s southern and eastern Mediterranean region does not include Iraq. The resolution adopted by the Bank’s Board of Governors today “confirms the EBRD’s interest in a limited and incremental expansion to sub-Saharan Africa and Iraq during the next strategy period 2021-2025.” Governors will consider an update in 2022, reflecting guidance to be provided at the 2021 Annual Meeting.

(Source: EBRD)

The post Iraq to join European Bank for Reconstruction and Development first appeared on Iraq Business News.

Source: Iraq News

Tagged with: Central Bank of Iraq

[yota691]

Iraq's accession to membership in the European Bank is a step to develop the banking system

Sunday 11 October 2020 11

 

  Baghdad: Hussein Faleh
, experts and specialists in economic and financial affairs, believe that Iraq's accession to membership in the European Bank is an important step towards developing the Iraqi banking system, and while they emphasized the need to gain experience and transfer global technology to the Iraqi banking system, they indicated that developing the banking system is important in the process of economic development. .

A member of the Baghdad Economic Forum and an expert in financial affairs, Abdul Aziz Al-Hassoun, told Al-Sabah: “The banking system in Iraq needs to restore confidence between the citizen and the banks by strengthening security guarantees, meaning that when a citizen deposits money in a bank he can recover it, However, this has been missed recently ».

He added that «local banks need to acquire global expertise to develop the performance of their work, whether through twinning or training or advice and others», indicating that «Iraq's joining the membership of the European Bank is an important step for the development of the banking system in Iraq».

He pointed out that «the development of the banking system does not need legal legislation, but to the real will to fight corruption and reorganize through the issuance of new instructions by the Central Bank of Iraq», stressing that Iraq can use advanced European expertise in this area, in order to develop the banking system.

He continued, that the development of the banking system is important in the development process, because it will encourage investment as well as attract financial deposits.

For his part, a member of the Parliamentary Finance Committee, Representative Hanin al-Qaddo, confirmed that «the banking system in Iraq needs to develop and keep pace with global developments in the field of banking».

Al-Qadu said in a statement to Al-Sabah: “The development of the banking system is an internal matter and depends on the capabilities and staff of banks,” noting that “there are several international organizations that have provided their services in order to develop the banking system, but the existing corruption and due to the political and economic conditions prevented that". 

He added, “Many local banks do not operate with modern mechanization or the ki-card system, stressing that the development process needs a lot of work, not only with Iraq joining the European Bank.” He stressed the need for Iraq to benefit from its accession to the European Bank membership in support and development The Iraqi banking system ».

The Ministry of Foreign Affairs had announced earlier, Iraq’s formal accession to membership in the European Bank.

A statement by the ministry stated: “The relentless efforts of the Ministry of Foreign Affairs, represented by the Embassy of the Republic of Iraq in London and the European Bank for Reconstruction and Development, expressed the approval of the members of the Board of Governors of the Bank to Iraq’s accession to the Council, during the voting process witnessed by the annual meeting of the Board of Governors held in London For the period 7-8 October ».

The ministry indicated that «Iraq’s formal accession to the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, and to obtain technical support and assistance that creates a suitable ground for investment.

[CODE777]

Thank you for the info. 👍

[6ly410]

Iraq's accession to membership in the European Bank is a step to develop the banking system

Sunday 11 October 2020 38

https://alsabaah.iq/32495

 

  Baghdad: Hussein Faleh
, experts and specialists in economic and financial affairs, believe that Iraq's accession to membership in the European Bank is an important step towards developing the Iraqi banking system, and while they emphasized the need to gain experience and transfer global technology to the Iraqi banking system, they indicated that developing the banking system is important in the process of economic development. .

A member of the Baghdad Economic Forum and an expert in financial affairs, Abdul Aziz Al-Hassoun, told Al-Sabah: “The banking system in Iraq needs to restore confidence between the citizen and the banks by strengthening security guarantees, meaning that when a citizen deposits money in a bank he can recover it, However, this has been missed recently ».

He added that «local banks need to acquire global expertise to develop the performance of their work, whether through twinning or training or advice and others», indicating that «Iraq's joining the membership of the European Bank is an important step for the development of the banking system in Iraq».

He pointed out that «the development of the banking system does not need legal legislation, but to the real will to fight corruption and reorganize through the issuance of new instructions by the Central Bank of Iraq», stressing that Iraq can use advanced European expertise in this area, in order to develop the banking system.

He continued, that the development of the banking system is important in the development process, because it will encourage investment as well as attract financial deposits.

For his part, a member of the Parliamentary Finance Committee, Representative Hanin al-Qaddo, confirmed that «the banking system in Iraq needs to develop and keep pace with global developments in the field of banking».

Al-Qaddu said in a statement to Al-Sabah: “The development of the banking system is an internal matter and depends on the capabilities and staff of banks,” noting that “there are several international organizations that have provided their services in order to develop the banking system, but the existing corruption and due to the political and economic conditions prevented that". 

He added, “Many local banks do not operate with modern mechanization or the ki-card system, stressing that the development process needs a great deal, not only with Iraq joining the European Bank.” The Iraqi banking system ».

The Ministry of Foreign Affairs, had announced earlier, that Iraq had officially joined the European Bank.

A statement by the ministry stated: “The relentless efforts of the Ministry of Foreign Affairs, represented by the Embassy of the Republic of Iraq in London and the European Bank for Reconstruction and Development, expressed the approval of the members of the Board of Governors of the Bank to Iraq’s accession to the Council, during the voting process witnessed by the annual meeting of the Board of Governors held in London For the period 7-8 October ».

The ministry indicated that «Iraq’s formal accession to the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, and to obtain technical support and assistance that creates a suitable ground for investmen

[yota691]

Consultations between 19 European countries on the issuance of a "digital Euro"

20:14 - 11/10/2020

 

  

Information / follow-up

The European Central Bank announced its readiness to launch public consultations and tests tomorrow, Monday, in an effort to decide on the launch of a "digital euro" in the 19 single currency countries.

The move comes at a time when the (Covid-19) outbreak is accelerating the abandonment of banknotes, while policymakers are anxiously watching the rise of private cryptocurrencies such as Bitcoin.

The digital or virtual euro will be an electronic version of euro banknotes and coins, guaranteed by the European Central Bank.

For the first time, it will allow individuals to deposit directly with the European Central Bank, which is a safer way than depositing money with commercial banks that may go bankrupt, or keeping banknotes that may be stolen or lost.

Similar to cash, money can be kept outside the banking system, in a "digital wallet", for example, that would allow individuals and companies to make everyday payments in a fast, easy and secure way.

The bank emphasized that "the digital euro will complement and not replace money, and digital amounts can be issued or transferred using the account records technology known as blockchain, which is a public database that cannot be revised, adopted by cryptocurrencies." 25 n

[yota691]

Iraq is preparing memoranda of understanding with Britain in the economy and trade

•  Time: 12/09/2020 22:14:00
•  
•  Read: 4,043 times

  

{Baghdad: Al Furat News} The Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, stressed on Wednesday the Iraqi government's interest in strengthening relations between Baghdad and London in various fields.

A statement by his media office said in a statement that Al-Furat News Agency received a copy of that Al-Ghazi "confirmed during his meeting with the United Kingdom Ambassador in Baghdad, Stephen Hickey, and his accompanying delegation of the Iraqi government's interest in strengthening relations between Baghdad and London in the economic and commercial fields and exchanging security information in combating Organized crime."

He pointed out that “the Iraqi government has assigned a government team to follow up the outcomes of the Iraqi delegation’s visit to London recently, after a team of relevant authorities was formed to prepare a special draft of bilateral memoranda of understanding in the fields of economy and trade, as well as the possibility of supporting the Ministry of Health’s effort to confront the Corona pandemic. . "
And the British ambassador expressed, "The UK's readiness to provide advice and support in the field of combating terrorism and organized crime, and that it is ready to provide all capabilities for political and security stability in Iraq, as well as to expedite the provision of vaccines for Coronavirus."
 Aya Hussein