Iraq joins the membership of the European Bank for Reconstruction and Development

[Mary B]

Iraq joins the membership of the European Bank for Reconstruction and Development

Economy

03-20-2024 | 03:33

 

 

Source:

Alsumaria News

 

752 views

 

 

Alsumaria News - Economy

The Iraqi Fund for External Development in the Ministry of Finance announced today, Wednesday, March 20, 2024, that the Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law.

 

 

 

 

 

 

 

 

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The Ministry of Finance stated in a statement received by Al-Sumaria News that this comes within the Ministry’s vision to strengthen frameworks of cooperation and communication between Iraq and international financial institutions, and after the Fund’s continuous coordination with the management of the European Bank, the completion of Iraq’s contribution process, and the completion of all documents related to accession.

 

 

According to the statement, the Fund confirmed that accession will enable the European Bank to finance projects within the country, promote development of various sectors, support the entrepreneurship initiative, and support the private sector through investments and participation in policy dialogue and technical assistance.

 

It should be noted that Iraq had previously submitted an application to join the Bank in April 2018, and the Board of Governors approved its membership in October 2020. The process of transitioning to becoming a contributing member has now been completed. As a shareholder, Iraq can apply to benefit from the financial and political support provided by the European Bank for Reconstruction and Development.

 

The President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, said: “I am pleased to welcome Iraq as a member of the Bank. We are fully committed to engaging with the country, and when the time comes, we look forward to starting work in Iraq, and applying our expertise to develop its economy.” 

The European Bank for Reconstruction and Development (EBRD) is a multilateral development bank headquartered in London. The bank focuses on investment as a tool to rebuild market economies in beneficiary countries, with an emphasis on supporting the private sector and its investments in advisory and political activities. The bank also helps countries develop their policies to enhance self-sufficiency. Self-energy or renewable energy markets.

 

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to help former communist countries in Eastern Europe transition to a market economy. The Group of Seven major countries owns a majority stake in the bank.

In recent years, the bank began expanding its geographical scope to countries including Egypt, Tunisia and Morocco. Earlier this year, the bank's shareholders gave the green light for Algeria to become a member.

The Foundation launched its operations in the southern and eastern Mediterranean region in 2011, and has so far invested nearly 19 billion euros in 363 projects to support the private sector and sustainable development. Also, during the years 2025 to 2030, the bank plans to invest in approximately six countries in sub-Saharan Africa.

At the beginning of its establishment, the Multilateral Development Bank focused on the countries of the former Eastern Bloc, and sought to support development in 30 countries from Central Europe to Central Asia.

https://www.alsumaria.tv/news/economy/484453/العراق-ينضم-الى-عضوية-البنك-الأوروبي-لإعادة-الإعمار-والتنمية

[Mary B]

Iraq's accession to the European Bank for Reconstruction and Development

Economy | 12:13 - 03/20/2024

 

 

 

 

 

Mawazine News - Baghdad

The Iraqi Fund for External Development in the Ministry of Finance announced on Wednesday that the Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law.
The Finance Ministry said in a statement, received by Mawazine News, that this comes within the Ministry’s vision to strengthen cooperation and communication frameworks between Iraq and international financial institutions, and after the Fund’s continuous coordination with the management of the European Bank, the completion of Iraq’s contribution process, and the completion of all documents related to accession.
The Fund confirmed, according to the Finance Statement, that accession will enable the European Bank to finance projects within the country, promote development of various sectors, support the entrepreneurship initiative, and support the private sector through investments and participation in policy dialogue and technical assistance.
The statement indicated that the European Bank for Reconstruction and Development (EBRD) is a multilateral development bank headquartered in London, and focuses on investment as a tool to rebuild market economies in beneficiary countries, with an emphasis on supporting the private sector and its investments in advisory and political activities.
According to the Iraqi Finance Ministry, this bank helps countries develop their policies to promote self-sufficiency in energy or renewable energy markets.

https://www.mawazin.net/Details.aspx?jimare=244232

[haymon]

They can approve this law but not the HCL.

[md11fr8dawg]

6 minutes ago, haymon said:

They can approve this law but not the HCL.

They don't want to approve the HCL, they'd rather yap about it and beat that dead horse!!

[haymon]

[horsesoldier]

1 hour ago, haymon said:

Oh the horror, the horror!!!

No worries, couldn't resist.

[screwball]

9 hours ago, haymon said:

They can approve this law but not the HCL.

yep because the HCL as it was written by BUSH and company called bearing point was written to steal Iraqs oil wealth! this is why back in 2012 US and Big Oil companies pulled out and sold off oil investments and assets in country.

Edited March 20 by screwball

[Goggles]

13 hours ago, Mary B said:

Iraq's accession to the European Bank for Reconstruction and Development

Economy | 12:13 - 03/20/2024

 

 

 

 

 

Mawazine News - Baghdad

The Iraqi Fund for External Development in the Ministry of Finance announced on Wednesday that the Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law.
The Finance Ministry said in a statement, received by Mawazine News, that this comes within the Ministry’s vision to strengthen cooperation and communication frameworks between Iraq and international financial institutions, and after the Fund’s continuous coordination with the management of the European Bank, the completion of Iraq’s contribution process, and the completion of all documents related to accession.
The Fund confirmed, according to the Finance Statement, that accession will enable the European Bank to finance projects within the country, promote development of various sectors, support system" rel="">support the entrepreneurship initiative, and support system" rel="">support the private sector through investments and participation in policy dialogue and technical assistance.
The statement indicated that the European Bank for Reconstruction and Development (EBRD) is a multilateral development bank headquartered in London, and focuses on investment as a tool to rebuild market economies in beneficiary countries, with an emphasis on supporting the private sector and its investments in advisory and political activities.
According to the Iraqi Finance Ministry, this bank helps countries develop their policies to promote self-sufficiency in energy or renewable energy markets.

https://www.mawazin.net/Details.aspx?jimare=244232

Hopefully this new law really helps cut through all or most of the red tape that has been suffocating the private sector from moving forward freely. This would awesome! 

[T B]

i feel its all predestinated with all thats going on, trust in the lord and wait, his timing is never late!  AMEN!😍

[markb57]

All these things that Iraq is doing with outside banks, companies and other countries and yet they can do them with toilet paper currency. Really makes no sense. With all they seem to be able to do with their currency, why RV????? Not being negative but for all of us that see all this progress and things happening for the good of the country and yet, no currency change OR going international......

If I were one of these entities working with Iraq, I would be questioning the currency or is it just not relevant.......

Just makes no sense

[screwball]

i personally think this is great news....loans in euros in exchange for dinar and oil....

[screwball]

no different to rebuild of germany after ww2

[HowieC]

But but but.....Nothing happens during Ramadamadingalong

[bkeiller]

The banks will know when this is going to hit, before we do. So, when I start seeing 'wealth management' ads on the dinar site from JP Morgan, etc., I will know that it is going to happen ...

'SOON!' 

😃

 

[3n1]

14 hours ago, markb57 said:

All these things that Iraq is doing with outside banks, companies and other countries and yet they can do them with toilet paper currency. Really makes no sense. With all they seem to be able to do with their currency, why RV????? Not being negative but for all of us that see all this progress and things happening for the good of the country and yet, no currency change OR going international......

If I were one of these entities working with Iraq, I would be questioning the currency or is it just not relevant.......

Just makes no sense

As you are very aware markb57 , up till now the american dollar was doing all the heavy lifting for iraq , supposedly it has changed to iqd but who really knows whats taking place but im thinking if transactions are all electronic - digital now its just numbers on a computer screen if u know what i mean ... all the best to us all 

[ScaryMary]

6 hours ago, bkeiller said:

The banks will know when this is going to hit, before we do. So, when I start seeing 'wealth management' ads on the dinar site from JP Morgan, etc., I will know that it is going to happen ...

'SOON!' 

😃

 

I keep getting “wealth management“ emails from JP Morgan/Chase. I don’t have a Chase bank account but credit cards through Chase. Maybe they know something I don’t. 🤷🏼‍♀️

[eshubby]

The wealth manager that I use is with JP Morgan. We have worked together for the last 2 years. Has been based inside Chase Bank, in Rockwall Texas for 2 years minimum.

[Mary B]

Sudanese advisor reveals the benefits of Iraq joining the European Bank membership

Economy | 11:45 - 03/22/2024

 

 

 

 

 

Mawazine News 

 

Today, Friday, the Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, summarized the benefits of Iraq joining the European Bank for Reconstruction and Development.
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Saleh said, to the official agency, followed by Mawazine News, that “there is a positive syndrome between building a development strategy that is embodied today by the government’s philosophy of launching a development initiative with comprehensive sectoral economic ties, which is called the (Development Road) project.” It is the corridor and the strategic project that connects the European Union countries in Asia via Iraq and the Gulf sea lanes and vice versa on the one hand, and the requirements for implementing the various stages of the development path through the role that Iraq’s membership in the European Bank for Reconstruction and Development occupies on the other hand, especially in the preferences for obtaining European technology. And ensuring the role of European Union companies in implementing the development path in all its aspects, whether in infrastructure, industrial production projects, and various logistical services.”
He added, "Membership provides our country with the possibility of obtaining concessional financing and technical assistance and European requirements in supporting development activity in our country in its various aspects and sectors," adding that "Iraq's accession to membership in the European Bank for Reconstruction and Development represents a broad vision that carries strategic dimensions in the cohesion of the economic development climate in Iraq, in accordance with the requirements of the government program and the national development plan 2024-2028, while embodying our country’s needs for the sustainability of international cooperation in reconstruction, development and sustainable development activity in the long term.”

https://www.mawazin.net/Details.aspx?jimare=244348

[Mary B]

A government advisor summarizes the benefits of Iraq joining the European Development Bank

 

 

money and business

   

 

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Economy News - Baghdad

Today, Friday, the Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, summarized the benefits of Iraq joining the European Bank for Reconstruction and Development.

Saleh told the official agency, followed by “Al-Iqtisad News”: “There is a positive syndrome between building the development strategy that is embodied today by the government’s philosophy of launching a development initiative with comprehensive sectoral economic ties, which is called the (Development Road) project, which is the corridor and the strategic project that connects the countries of the Union.” Europe in Asia via Iraq and the Gulf sea lanes and vice versa on the one hand, and the requirements for implementing the various stages of the development path through the role occupied by Iraq’s membership in the European Bank for Reconstruction and Development on the other hand, especially in the preferences for obtaining European technology and ensuring the role of European Union countries’ companies in implementing The path of development in all its aspects, whether in infrastructure, industrial production projects, and various logistical services.”

He added, "Membership provides our country with the possibility of obtaining concessional financing and technical assistance and European requirements in supporting development activity in our country in its various aspects and sectors," adding that "Iraq's accession to membership in the European Bank for Reconstruction and Development represents a broad vision that carries strategic dimensions in the cohesion of the economic development climate in Iraq, in accordance with the requirements of the government program and the national development plan 2024-2028, while embodying our country’s needs for the sustainability of international cooperation in reconstruction, development and sustainable development activity in the long term.”

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Views 27

Added 03/22/2024 - 11:59 AM

https://economy-news.net/content.php?id=41732

[Mary B]

A government advisor summarizes the benefits of Iraq joining the European Development Bank

 

March 22, 2024

Baghdad/Al-Masala Al-Hadath: The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, on Friday, summarized the benefits of Iraq’s membership in the European Bank for Reconstruction and Development.

Saleh said, “There is a positive syndrome between building the development strategy that is embodied today by the government’s philosophy of launching a development initiative with comprehensive sectoral economic ties, which is called the (Development Road) project, which is the strategic corridor and project that connects the European Union countries in Asia through Iraq and the Gulf sea lanes.” And vice versa, on the one hand, and the requirements for implementing the various stages of the development path through the role occupied by Iraq’s membership in the European Bank for Reconstruction and Development on the other hand, especially in the preferences for obtaining European technology and ensuring the role of European Union countries’ companies in implementing the development path in all its aspects, whether in infrastructure or projects. Industrial productivity and various logistics services.”

He added, “Membership provides our country with the possibility of obtaining concessional financing and technical assistance and European requirements in supporting development activity in our country in its various aspects and sectors,” adding that “Iraq’s accession to membership in the European Bank for Reconstruction and Development represents a broad vision that carries strategic dimensions in cohesive economic development climate in Iraq, in accordance with the requirements of the government program and the national development plan 2024-2028, while embodying our country’s needs for the sustainability of international cooperation in reconstruction, development and sustainable development activity in the long term.”

 

https://almasalah.com/archives/86272

[Mary B]

Sudanese advisor reveals the benefits of Iraq joining the European Development Bank

Economy

11:26 - 2024-03-22

Today, Friday, the Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, summarized the benefits of Iraq joining the European Bank for Reconstruction and Development.
Saleh said, in a press statement: “There is a positive syndrome between building the development strategy that is embodied today by the government’s philosophy of launching a development initiative with comprehensive sectoral economic ties, which is called the (Development Road) project, which is the corridor and strategic project that connects the European Union countries in Asia via... Iraq and the Gulf sea lanes and vice versa on the one hand, and the requirements for implementing the various stages of the development path through the role occupied by Iraq’s membership in the European Bank for Reconstruction and Development on the other hand, especially in the preferences for obtaining European technology and ensuring the role of European Union countries’ companies in implementing the development path in all its aspects, whether In infrastructure, industrial production projects and various logistics services.
He added, "Membership provides our country with the possibility of obtaining concessional financing and technical assistance and European requirements in supporting development activity in our country in its various aspects and sectors," adding that "Iraq's accession to membership in the European Bank for Reconstruction and Development represents a broad vision that carries strategic dimensions in the cohesion of the economic development climate in Iraq, in accordance with the requirements of the government program and the national development plan 2024-2028, while embodying our country’s needs for the sustainability of international cooperation in reconstruction, development and sustainable development activity in the long term.”

https://kirkuktv.net/AR/Details/20111

[HowieC]

The Minister of Finance stresses the importance of the partnership with the European Bank to support the diversification of the sources of the national economy

 

Saturday 23, March 2024 00:49 | EconomicalNumber of readings: 736

Baghdad / NINA / Minister of Finance, Taif Sami Muhammad, stressed the importance of the partnership with the European Bank to support the Iraqi government’s plan to diversify the sources of the national economy.

The Ministry of Finance stated in a statement: “Minister Taif Sami Mohammed met with the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, at the bank’s headquarters in the United Kingdom.”

During the meeting, the Minister pointed out the importance of the strategic partnership between Iraq and the Bank, and discussed ways to strengthen bilateral relations to ensure the possibility of strengthening the private sector in Iraq and digitizing the banking system.

She stressed the importance of the partnership with the European Bank to support the Iraqi government’s plan to diversify the sources of the national economy, stating: “One of the Iraqi government’s priorities is investing in the areas of energy and digital transformation in the financial infrastructure.”

For her part, the President of the European Bank affirmed the bank’s desire to work in Iraq and contribute to supporting the private sector and renewable energy./ End 7

 

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