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Deputy governor of Baghdad to discuss with the delegation of Bank Mediterranean ways of cooperation with banks
Sunday, June 24, 2012 19:05
Baghdad {: News} Euphrates search, first deputy governor of Baghdad, Mohammed Al Shammari with a delegation from the Bank of the Mediterranean ways of cooperation with banks to coordinate their work in support of investment activity within the province.
He said Shammari said in a statement received by the agency {Euphrates News} a copy of it today that "the restoration of security and the withdrawal of U.S. forces and the evolution of the political process, democracy has provided the appropriate atmosphere for investment in Iraq," adding, "We are now in dire need to contribute to international companies that have the competence and expertise in implementation of projects and the development process also needs to the role of banks and government banks and private domestic and foreign financing and the provision of soft loans and letters of guarantee and provide all banking facilities required to support development projects. "
"We have inherited a heavy legacy in the lack of services and projects in various areas of infrastructure, housing and service facilities, and we need concerted efforts for the advancement of the city in various sectors and the provision of the success of the development process, particularly the revitalization of the banking sector, banks and their contribution as required."
While stressing the head of the investment Shaker Zamili that "the handling of private banks local is a bad way, and that most of the private banks, amounting to more than 30 bank and the Bank are working repellent for investment and not attractive and is working as a work of offices of the banking and money transfer are supported thus making it impossible to buy foreign currency from the Central Bank at a subsidized price and selling at the market price or convert it to the outside and the purpose of it is the process of rapid profit-digit profits of a very large new controls have been developed recently by the Council of Ministers to reduce this phenomenon in terms of financial transfer to the outside. "
He pointed out that "there is a major problem is to convert the foreign investors funds from outside of Iraq to the inside and the red tape and controls operating in the delayed flow of conversion of such sums, stressing that financial sponsorship for the investor depends on the body which are in the study of the financial situation of the investor and the efficiency of Manat that there are some problems for companies backed by the state represented by lifting some episodes routine, which could affect the course of the project work and efficiency. "
He continued, "We hope the Bank of the Mediterranean in its ability to cover mega projects, large and its potential to buy whole complex and sell to citizens and Premium wages by the imposition of the profits and benefits applicable in the country such as the Basmajh adopted by the Rafidain Bank and Bank of Iraq's trade . "
He noted Zamili that "the law of 13 gave the rights to investors through the investment where they can lease the land and the establishment of the plant it, and that the maximum investment is fifty years and a minimum of five to ten years depends on the size of the income of the project and the size of the benefit of it," noting that "the law exempted the foreign investor and local fees and taxes without exception for a period of ten years and gives the authority of the Council of Ministers to increase the number of years the exemption in the event that the project is economically feasible high and achieve the required development of this project and the number of manpower in and gave the law also freedom to transform the investor profits to outside Iraq and convert foreign labor Mbalghm to their countries and give the right of residence and a lot of privileges. "
For his part, Executive Director of the Bank of the Mediterranean Sea in Baghdad, Muhammad Ali, "We need to study the size of projects and investments in Iraq, especially the housing sector and real estate and the process of attracting investors and financing, support and give guarantees to them."
Adding, "We need support and guidance by the Baghdad government to develop local plans that make us the right way in the field of investment and support for Arab investors and the Iraqis through the financing and provision of all the rights needed them."
"We are asking the government to provide us with local laws in force in Iraq in terms of commercial laws and banking laws and we will invite investors who have been dealing with them abroad to go into Iraq and give them incentives and legal and financial guarantees."
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