February 23, 2010
Hussein Al-Azri for$ 38 billion the total amount of appropriations and private banks, our partner in this area
Trade Bank of Iraq is moving towards support investment programs
حوار: ياسر المتولي Interview: Yasser incumbent
Trade Bank of Iraq (TBI) founded in 2003 to specialize financing of foreign trade of Iraq after the expired memorandum of understanding with the United Nations «Oil for Food» on this date in particular.
The reason for the establishment of this bank is the inability of the government banking sector on the exercise of its activities for overburdened with large debts will not allow him to exercise that role and because of this teacher is important in providing the necessary funding for the need for Iraqترجمة وظيفة -- اهلا وسهلا بكم to cover the trade Aforeigpnagd useful to shed light on this bank, which amounts to a performance to the levels of banks in terms of managing the global banking amounts
I have indicated the possibility of the capacity of the Iraqi economy to expand in spite of all challenges and difficulties faced by our economy, and national levels. In an exclusive interview we conducted and transparent dialogue with the Director-General of the Iraqi Trade Bank, Hussein Al-Azri, who We met him during an earlier meeting with Finance Minister Baqir Jabr Al-Zubaidi before About a month ago and asked for a meeting with the Director-General based on an assessment of the Minister for the performance of the bank, which he described the true Savior of the Iraqi trade at a time when Iraqi banks internationally banned because of the embargo and debt that continues to affect our national economy but the efforts of the ministry and clear in the quest for the removal and settlement of the remaining .
I say at that moment asked a later date with Azri after meeting the minister and here are the hub for the meeting, as it came on his tongue and the reader assess the performance if it is successful or not.
Creation and objectives
Q: Do you explain to us a historical overview of the establishment and objectives of the bank?.
- Says the Director-General Hussein Al-Azri The founding of Trade Bank of Iraq (TBI) based on the actual need for Iraq to finance and real foreign trade after stopping procedures under the memorandum of understanding with the United Nations on the oil-for-food place on 23/11/2003.
And goes on to say
We have made great efforts to establish a bank to serve as the financing of foreign trade of Iraq after the government banks can not do this task, we have been able to launch its first adoption in the first month that is in December of the same year 2003.
He said I would like to point out that the total amount which has opened an appropriations since its inception and to this day amounted to $ 38 billion, in 2009 only amounted to the amounts of appropriations $ 10.5 billion.
These figures, according to Al-Azri indicate the possible expansion of the Iraqi economy which is reflected in Iraq's foreign trade for sure.
Still all consumer goods are imported.
Q: What is the most prominent approaches the bank for the future?.
- Very important question, now we have entered 2010, we find it necessary and that the contents of the plan to the bank this year that are heading towards investment activity after the last stage of any commercial activity that the bank focuses on commercial aspects only, but now has been approved by retaining most of the laws for investment and we found appropriate to have our bank's role in supporting and promoting investments that the country needs, and this trend was found significant support from the Minister of Finance As one of the institutions of government ministry.
* Highlights of the plan of the bank in 2010?.
- To develop the banking work that respond to the evolution and change is expected in the area of investment we seek to launch the opening of new branches of the bank and by 9 branches in Iraq and 3 branches outside .
These sections meet the requirements of the private sector, mainly due to the expanding circle of private sector activity and these activities are an important source of growth of the bank.
It is not too Azri in mind to address the issue of training and rehabilitation as one of the most important requirements of human development that Iraq is looking to achieve when he referred to having the bank training center takes over the functions of training for bank employees and others working in the banking sector, the government or the private sector and drew attention to bringing in foreign experts and trainers to deliver lectures to the trainees.
Moved by talking to the performance of the banking sector, where he emphasized that the work of the banking sector has not been developed is not limited in terms of services or in terms of technology
Old ways of dealings of the banks customers cost them the tobacco, as well as the stimulus material is not available or less and does not encourage citizens to deposit money in banks, this picture is painted of the banks I mentioned failure of the banks in the developed world Add to that the loss of confidence between the citizen and the banks as well as lack of awareness of banking.
Let me give you one example
Citizens, when they review the banks to get his money needs to be more than an hour's wait
And that's why the Hottest to the reluctance of citizens to deposit money in banks.
He noted that the use of electronic cards in the banking dealings are still weak and trapped between the business sector and the reason is due to the lack of requirements and mechanisms for the use of these techniques add to the above, the incentive to invest the money in the banks is weak.
* In light of this fact, what recommends to achieve the goals?.
- The banking sector is invited to the advancement of his performance and the adoption of scientific methods and modern banking systems and accounting principles to the new banking sector can catch up with developments in the world,
Q: What about the areas of support for the investment process?.
- After a moment of reflection and relaxation Azri said Hussein that such a goal needs to be developed and programs in order to go into this vital activity and effective, we at the beginning of this year, last month the establishment of any special section of investment and the task of this section identifies the aspects of project financing first and then create an investment fund to attract foreign investment Given the need for Iraq to multiple projects large and medium-sized enterprises, and is reported to have cost hundreds of projects you need from 10 - 50 billion dollars
We consider this funding a great incentive to engage in such activities, I also call on our brothers in the private banking sector and government to reconsider their activities and develop their performance thereby making them eligible to engage in such investments.
And for the establishment of the fund investment bank seeks to find a strategic partner for the success of this mission, we are looking for a global financial institution shares in the management of a portfolio and help us to attract money because it is known that foreign investors when it accepts to invest in the State, he is looking for the first financial institution sound companies can protect his money, thus facilitating the performance and confidence in them and assured to invest more, and the year 2010 will witness the signing with one of the world after the consultations that we will have this year with many of them to see those who will be selected later.
Housing
* In any investment projects Stkhodon your experience with this?.
- Here Azri noted that most studies indicate that the actual need for the housing sector studies which are of interest and from the actual need for the housing units is estimated at 3500 units in the current stage and found it appropriate to go into in such a significant investment for several reasons, including: --
First: Being an urgent national need to solve the housing crisis suffocating.
Second: go in the housing sector will activate the productive workshops and attracts the hands of disabled workers idle and running the banking and insurance, transport, etc., we have several plans and are working in coordination with the National Investment Commission to activate this software effectively and rapidly.
- What about the mechanisms of the bank to cover the housing projects?
* It is natural that the problem does not solve the procedures are not organized any solution must include the implementation of housing projects are great, for us in this regard, examples of Arab and international adopted this approach, such as Egypt, Turkey and Mexico, have the same conditions with shortages of services and living standards for some classes and the lack of housing units addressed investments such as those we are talking about.ترجمة وظيفة -- اهلا وسهلا بكم
Increased Azri said: we can benefit from these experiences and the implementation of these projects requires coordination with the Investment Authority to create the land and then with the ministries to meet the needs of its employees through credit guarantees of mortgage salaries and the Ministry of Finance has taken a leading role in this matter.
I would like to have a workshop we held in coordination with the National Investment Commission, and all Iraqi banks to discuss the possibility of cooperation in investment in the housing sector and we always look forward to cooperating with all banks, because we look at the Iraqi banks strategic partner in the implementation of investment programs.
Licensing
Q: What about other investments?
- I find in the licensing contracts, a golden opportunity to revitalize the banking sector, performance contracts that many and large, each contractor would require the services as if the bilateral imports of raw materials and local products, they need to finance internal Beyond Other activities Vsicom satisfied through the investment fund, such as contracts and internal civil works and services and to provide protection, food, etc. We have begun negotiating with several companies to collaborate in this area that specialize Vtamoiha external technology transfer.
Q: Is that the bank is able to respond to the requirements of such investment?.
- When talking about such an ambitious program so we need to develop our banking equivalent requirements, and announced through the «economic Sabah» we will begin the end of this month using the banking system of accounting, where the complete updated branch network will be linked to the same, and that companies are increasingly turning to Iraq, we arrive to respond to the requirements of companies.
In the same context Azri noted that there is a successful experiment in Iraqi Kurdistan in the implementation of electricity projects by the private sector produces 2000 megawatts, this experience can be generalized, but the Ministry of Electricity mind, and we are attempts through negotiations with the General Authority for Investment and the Ministry for the possibility of supporting these projects by the bank where the opening credits to the private sector and funding if necessary.
The global financial crisis
Q: Do you benefited from the effects of the financial crisis?.
- I want to explain something to you is that the financial crisis will not end until now, and we ترجمة وظيفة -- اهلا وسهلا بكمsee plaguing Greece, Spain and Britain, and the aftermath will have a major global markets.
And the reasons for the debt crisis, of course, Greece, where it had debts of 300 billion dollars.
This debt will affect the global markets if not handled quickly, accurately and crisis but will return to what it was and that if Greece went bankrupt, it will affect the countries of the euro and if it does not support these countries Greece, the biggest impact will be on the euro zone.
On promises of all important to your question about the maximum benefit from the effects of global financial crisis, say yes and we have benefited as much as possible not to be affected as a result of successful financial policy pursued by the Ministry of Finance emotion spared by the crisis.
Conclusion
In conclusion, Al-Azri dialogue exchange ideas on economic affairs and management of the economic file in the hope of conducting more interviews to discuss important issues such as those addressed in this dialogue on diverse and interesting and important in an episode of economic affairs of Iraq ترجمة وظيفة -- اهلا وسهلا بكمand we will continue dialogues openness and transparency in the preparation of a later date.
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