Kuwait: We will not stand generally remove Iraq from Chapter VII

04/07/2013



Kuwaiti Ambassador to Iraq Ali insured that his country would not be an obstacle in the way of removing Iraq from Chapter VII. Comes at a time when preparing Kuwaiti Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah to visit Iraq during the current month.

The insurer considered in a statement singled out the "Center Brief for the Iraqi Media Network," that "Iraqi-Kuwaiti relations progressing significantly." And called on the Kuwaiti Ambassador to only linked to the relationship between the two parties remove Iraq from Chapter VII only, noting that the ingredients that lays the foundation for a strong relationship between the two countries is religion and the earth, Arabism and brothers.

He explained that the insured people proud of evolution happening in the relationship between the two neighboring countries, pointing out that Kuwait's position on the issue of removing Iraq from Chapter VII clear for some time and supports him out of this chapter, stressing that Kuwait will not constitute an obstacle in this direction, especially since the two sides arrived in stages advanced consolidation of relations. said the Kuwaiti Ambassador to the past period has seen a number of meetings between the two sides at the level of leaders, including visiting Emir of Kuwait Sabah Al-Ahmad Al-Sabah to Iraq and the visit of President Jalal Talabani to Kuwait as well as the visit of Prime Minister Nuri al-Maliki to Kuwait and joint committees and the Commission Supreme common foreign ministers deal with each other. He insured that all the items that hinder remove Iraq from Chapter VII ended except for two issues, namely the remains and Kuwaiti archives, noting that the solution of these two semi-Agreed leaving only proceed to implementation, saying that Kuwait submitted three proposals for a solution which is under discussion, pointing out that the approval will be on any proposal satisfies both sides.

He explained that the two sides سينتقلان to resolve the issue of compensation after the close of my mortal remains of Kuwaitis and Kuwaiti archives, revealing provide Kuwait to a proposal in this regard is waiting to answer him, especially as the United Nations dealing with this matter as well. Was likely the Kuwaiti ambassador that this month will see the visit of Prime Minister Sheikh Jaber Mubarak Al-Sabah Expected to Iraq to resolving things, noting that the delay to conduct the visit came as a result of the political changes in Kuwait as a Council elections and change and start the formation of ministries, expecting that the visit should be a week ahead of provincial elections that take place in Iraq or a week later.

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Expert: Convention on the terms of reference agreement with the U.S. Treasury Department will support the financial sector of the country

06-04-2013

Baghdad (news) .. Financial expert said Osama al-Anbari, that the implementation of the Convention 'terms of reference' signed between the Iraqi Ministry of Finance and the U.S. Treasury Department will have a positive role to the development of the financial sector in the country, through the use of sophisticated devices specializing in financial systems.

Anbari said (of the Agency news): The Convention on the checklist will provide technical support, logistical and administrative support to the Ministry of Finance to facilitate their work through the use of more sophisticated systems from which to dispense with paper manual labor in the ministry, according to the provisions of the Convention.

He added: that the development of the financial sector is important and necessary for the country to boost the economy forward, calling for the implementation of the fact that the United States is one of the most developed countries in the world in all areas, including financial.

He explained: that the Iraqi Ministry of Finance signed an agreement with the terms of reference and the U.S. Treasury Department earlier this year for the development of bilateral cooperation between the two countries.

And Technical Assistance Office intends to visit Iraq by U.S. during the next few steps to follow up the application of the agreement concluded between the two countries. / End / 8. D. O /

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Studying foreign banks to open branches in the country

06/04/2013

 New York Times

Iraq is still struggling to overcome the economic effects of the war and armed actions and political rifts and the fragile security situation. For its nascent banking sector, the challenges do not stop at this point. According to the official website of the Central Bank of Iraq, there are seven state banks in the country and 32 waged banks and 15 foreign banks, but analysts say there is a section of the State-owned banks - especially the Rafidain and Rasheed - controls 90% of the banking business. Says as Khalil Al-Salem Executive Director of the Bank of الكابيتال Ahli in Jordan, which owns 72% of National Bank of Iraq, "the fact that the public banks have been given the opportunity to benefit from the funds of the public sector huge, it is natural to be marginalized banks Iraqi civil, resulting in a loss of confidence of consumers who fear the possibility of the collapse of the private banks, which constitutes a major challenge for the growth of the private banks. " On the other hand says supporter Makhlouf, regional director of the Middle East and North Africa of the International Finance Corporation in Dubai (World Bank Unit, which oversees the private sector) "There are no equal opportunities in Iraq because most of the agencies and state-owned companies - and employees - restricted in their dealings with private banks and deal only with public banks. As a result, the private sector - consisting of approximately 40 banks - a very small and limited his activity in the field of loans. "

Because of the possibility of public banks access to public funds, the capital good, but private banks, it should struggling to get deals in infrastructure competition protector in the construction and manufacturing sectors.

And adding to the difficulties, the central bank has provided two years ago, a law that defines the minimum capital requirements for all Iraqi banks at $ 215 million, will be implemented in June of this year. Says Tawfiq tempers co-director of the company ايفرشيدز of international law "there is a big issue concerning the adequacy of capital in the private banks and request the Central Bank capital increase gradually, it is likely that there will be integration of large among these banks, and possibly close some banks down, and may banks merge or buy other banks. "

If we add to that the costs of the application of risk management and anti-money laundering measures and the difficulty of running Ahli Bank in Iraq, the task seems too strenuous. However has expressed several foreign banks in recent willingness to enter the banking market in Iraq and pursuit of funding opportunities for projects in the country has a lot of untapped potential. Among these banks, Standard Bank تشاترد which gets 90% of its profits and revenues from the provision of services wholesale consumer banking in Asia, Africa and the Middle East. In the last steps, the bank plans to open three offices in Iraq. This bank has a representative office in the northern Iraqi city of Arbil.

In order to expand the activities of its customers within Iraq, the bank introduced this year a request to the Central Bank of Iraq to obtaining licenses in order to expand his office in Erbil to a branch full and to open an office in Baghdad, followed by another branch in the southern city of Basra in 2014. The bank also plans to appoint an executive director in Baghdad to oversee its work in Iraq.

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