Central Bank of Iraq: International investment companies deterred by continued sanctions

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Central Bank: investment companies anxious to work in Iraq because of international sanctions

13/12/2010 14:24

Baghdad, 13 December (Rn) - The Central Bank of Iraq, Monday, that most of the large investment of foreign companies wary of investing in Iraq because of the continued imposition of UN sanctions, noting that some companies operating in Iraq Matkon companies often secondary.

The adviser said the Central Bank of Iraq the appearance of Mohammed, told the Kurdish news agency (Rn) that "the large foreign companies reluctant to work in Iraq as a result of keeping it under Chapter VII."

He also explained that "the security and political stability in Iraq and out of Chapter VII by the end of 2010 will encourage foreign companies that have large amounts of capital to invest in Iraq."

Between Muhammad and that "foreign companies currently operating in Iraq, most companies do not have a secondary school for money, but in coordination with major corporations to implement projects to simple profit fast."

And the central bank adviser that "Iraq's ability to build a strong economy and a coherent depends on the liberation from the shackles of the seventh item which will activate in the event of such restrictions were removed and investment banking business more broadly."

The UN Security Council prepares to discuss the possibility of removing Iraq from Chapter VII obligations at its next Thursday.

He went 20 years on the adoption of resolution 661 UN Security Council, which is the second decision issued against Iraq after its invasion of Kuwait in August 1990, the development of which Iraq under Chapter VII of the Charter of the United Nations and imposed on him an economic embargo and froze his assets in international banks.

According to the UN resolution, Iraq remains subject to the requirements of Chapter VII to confirm that the United Nations Security Council's commitment to Baghdad of all international resolutions concerning the occupation of Kuwait, including the file of compensation

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Central Bank of Iraq: International investment companies deterred by continued sanctions

Monday, December 13th 2010 3:14 PM

Baghdad, Dec. 13 (AKnews) - The Central Bank of Iraq confirmed on Monday that most of the large foreign investment companies are put off investing in Iraq because of the continued imposition of the UN’s chapter 7 sanctions.

The adviser of the Central Bank of Iraq, Muthher Mohammed told AKnews that the possible removal of the sanctions at the end of this year and new levels of internal security and political stability will encourage larger international firms to invest in Iraq.

“The foreign companies currently operating in Iraq are mostly secondary companies that do not have money, but they coordinate with major corporations to implement simple projects for fast profit,” he said.

"Iraq's ability to build a strong and coherent economy depends on its liberation from the chapter 7 sanctions which will activate the investment and banking sectors more widely once removed."

The UN Security Council is preparing to discuss the possibility of removing the sanctions imposed on Iraq during its session on Thursday.

The sanctions were imposed following the Iraqi invasion of Kuwait in August 1990 under chapter VII of the UN Charter and included an economic embargo and the freezing of Iraqi funds ion international banks.

According to the UN resolution, Iraq must remain under the restrictions of Chapter VII until the United Nations confirms to the Security Council, Baghdad’s commitment to all international resolutions concerning the occupation of Kuwait, including the payment of compensation.

Reported by Sman Dazei

Sa/Ka/AKnews

http://www.aknews.com/en/aknews/2/202002/

[behaviorkat]

Thanks for the post and the clairification