Monday, November 29, 2010
Central Bank: The Foreign Banks Operating in Iraq Under the Umbrella of the Iraqi Civil Banks
The Central Bank of Iraq, Monday, that foreign banks operating in Iraq do not work independently, but under the umbrella of the local community banks, indicating that the investments of the regional countries in Iraq with a commercial character and lacks the international standards.
The adviser said the Central Bank of Iraq, the appearance of Mohammed Saleh, said in an interview for "Alsumaria News", Monday, that "the investment bank foreign troops in Iraq operating under the umbrella of the banks, Iraqi civil," noting that it "does not work explicitly sinks foreign, which, if any, actual the form of branches of foreign banking companies is not strong compared to corporate banking world. "
The number of Arab and foreign banks made after the issuance of the Banking Act No. 94 of 2004 to get licenses for the establishment of private banks in Iraq, whether by 100%, or in partnership with banks, a local Iraqi, or to open branches to work in Iraq, but security conditions have prevented it , with the exception of some few posts that have been made with a number of national banks.
And Saleh, said that "all the investments coming from the regional countries and dominated by Turkish investments in the first place, and Iranian second class are of a nature purely commercial, and depend for their work on manufacturing outside the border, and assembly within the country, decreases thus the possibility of running labor Iraqi them," adding that "Investing in Iraq is similar or identical to a normal commercial activity," he says.
He attributed the benefit of "the reason that to attract well known international companies to invest in Iraq, internal and external factors, are external ones that Iraq is still under Chapter VII, which is considered threatened state of peace, the opposite of the truth as he looked forward to development and economic progress, while the internal factors is that the environment investment also remains unattractive, since the majority of the investment laws are incomplete, as well as the difficulties faced by large investors such as the allocation of plots of land for projects and a lot of other obstacles. "
He also called for "to provide an incubator at the economic, legal, and at the level of international relations, to attract international investments to Iraq."
The Iraqi parliament approved in October 2006, the investment law, but he did not give investors the right to ownership of the property the project, Fassaoy between Iraqi investors and foreign investment in each concession, with the exception of real estate ownership, while giving foreign investors the right to lease land for 50 years subject to renewal.
The Council amended the House of Representatives on 13 October 2009, so that gave the right of the investor Iraqi and foreign ownership of land and property belonging to the State allowance determined in accordance with special regulations, as well as give him the right to own land and property belonging to the mixed and private sectors to establish housing projects exclusively.
Iraq had announced in October of this year that will facilitate the work of companies wishing to invest in Iraq through legislation a set of laws, with the Investment Authority confirmed it was considering 600 projects $ 600 billion Iraqi dinars, will be the priority sectors of education and housing
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