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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    US $ 20 MILLION ANNUAL PROFITS (External Development Fund)

    Rocky
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    • Post n°1

    US $ 20 MILLION ANNUAL PROFITS (External Development Fund) Empty US $ 20 MILLION ANNUAL PROFITS (External Development Fund)

    Post by Rocky Fri 22 Sep 2017, 3:21 pm

    US $ 20 MILLION ANNUAL PROFITS

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    Economy News Baghdad:
    The Director-General of the Iraqi External Development Fund, Hussein Jaber, said that the annual rate of profits of the Fund from external contributions "ranges from $ 18 million to $ 20 million annually, while the Fund does not exceed $ 1.7 million annually." Amid parliamentary opposition calls for support and increased capital.
    The Fund was established in 1974 as a financial institution with a moral personality and financial and administrative independence, with a capital of 50 million Iraqi dinars then (42.7 thousand dollars), gradually increasing in 1980 to 200 million dinars. The objectives of the Fund include setting the general policies for investing the funds of the Fund, determining the contribution to the development projects and programs, approving the terms of the loans, determining what the Fund takes for its account and following up Iraq's multi-lateral and bilateral financial and foreign relations, and managing its contributions to the international, regional and Arab organizations, funds, Relates to external and tax agreements with outside countries.
    Jaber said in an interview published in the London-based Al-Hayat newspaper that since its inception, the fund has granted development projects medium and long-term loans to developing Arab countries on concessional terms and to contribute to development projects, especially those of Arab economic integration. Economic development processes in developing Arab countries, providing expertise and cooperation with Arab and international development funds.
    He stressed that «the Fund plays a very important role, especially in light of the current circumstances in which Iraq is going through, including the financial crisis, and know the volume of Iraqi funds invested abroad, but there are those who raise the issue of the solution of the Fund and attached to one of the departments of the Ministry of Finance, Big investments ».
    Jaber pointed out that «the fund was established for the purpose of development lending, and the goal was to invest oil surpluses with simple benefits and long terms of up to 25 years and a grace period ranging from 5 to 7 years before the initial payment, and granting the first loan in 1974 and the last in 1982, and increased capital through The contributions of the Ministry of Finance in five other international funds turned into the Iraqi Fund and estimated at $ 750 million ».
    He pointed out that «the capital of the Fund is currently $ 1.5 billion, and we seek to revalue the assets and we have only the proceeds from our external contributions».
    As for the type of investments carried out by Iraq, Jabir said: "Foreign investments are restricted according to the state in which we contribute. There are investments in the Kuwaiti dinar, the dollar, the Jordanian dinar and the Sudanese pound. When we calculate their revenues, they turn to the dollar and then to the Iraqi dinar. percent".
    He stressed that «Iraq after 2003 did not contribute to foreign investment, and closed all internal and external accounts and proceeds go to the Ministry of Finance or to the Development Fund for Iraq, while the revenues accumulate in the account of the Ministry of Finance to exceed $ 200 million».
    The salaries of the staff of the Fund are in the form of grants from the Ministry of Finance, and opened in 2014 a new account of the Fund began to add revenues and amounted to about 50 million dollars deposited in the «Iraqi Trade Bank», and this liquidity can be invested. Jaber said that "the Fund contributes to 30 companies internally and externally, 21 profitable companies and 3 companies are losing, and there are troubled companies and contributing countries trying to remove Iraq from the projects that contribute.


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