World Bank calls on Iraq to redouble their efforts for the development of the banking sector and attract foreign investment

11/3/2013
BAGHDAD / obelisk: World Bank called for the Iraqi government, on Monday, to redouble their efforts for the development of the banking sector and regulations in the financial trading of Iraq, as a prelude to mobilize all sectors of the economy and investment .

The expert said the oldest in the affairs of private sector development at the World Bank Stephen ريمير, who is visiting Iraq at the head of a delegation from the Bank experts, for "obelisk", "The World Bank provided advice and assistance and advice to Iraqi banks and working on plans developed and are waiting to reach officials from that to real serious steps, "noting that" the World Bank touching a genuine desire on the Iraqi side to develop its accounting and banking systems " .

He added that "the plans relating to correct laws and regulations that limit the development of the private sector, including the banking sector, and this will ensure that the Iraqi side a positive change in the rates of investment and the entry of foreign capital into the country," pointing out that "large foreign companies is encouraged as required for work and investment in Iraq because of a lack of safeguards in place globally " .

Mentions that the World Bank is implementing an extensive plan in collaboration with the Iraqi banking sector include the development of a modern mechanism to restructure banks in cooperation with international experts in this field since 2009.

[link to translate.google.com]
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Kaperoni:
This is a super article.

The World Bank is calling out the Iraqi's to get this banking reform done..and they say "as a prelude to mobilize all sectors of the economy and investment . " This clearly means that it must be done before the investment will come in.

This paragraph hits a home run...

"the plans relating to correct laws and regulations that limit the development of the private sector, including the banking sector, and this will ensure that the Iraqi side a positive change in the rates of investment and the entry of foreign capital into the country,"

This is saying...get these laws passed, then impliment them. It will ensure that not only will you have investment, but you will get the capital to finance these projects.

Strong statement from the WB to push them forward.