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International Finance Corporation: Iraq needs $233 billion to finance environmental sustainability projects
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2023-10-21 04:01
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2023-10-21 04:01
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Shafaq News/ Bilal Al-Saghir, the representative of the International Finance Corporation in Iraq - the World Bank Group (IFC), said on Saturday that Iraq needs approximately 250 billion dollars to finance environmental sustainability projects.
His statements came during the first dialogue session on the sidelines of the annual Iraqi banking conference in the Kurdistan Region of Iraq.
Al-Saghir said that according to the latest study conducted by the International Finance Corporation, Iraq needs $233 billion until 2040 to finance sustainability projects, and this is what not all parties are able to provide.
He stressed that the legislative authorities had to establish special legislation, and a credit information office must also be established.
Al-Saghir also called for the importance of opening the way for non-banking institutions to finance these projects.
He pointed out that financiers should be supported and protected to finance projects through the role of credit information bureaus that provide financial data for these companies that contribute to creating a state of participation to finance these projects.
Regarding how economic developments occur in Iraq, Al-Saghir said that the first challenge is water, agriculture, building renewable energy, and rebuilding industrial capabilities.
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His statements came during the first dialogue session on the sidelines of the annual Iraqi banking conference in the Kurdistan Region of Iraq.
Al-Saghir said that according to the latest study conducted by the International Finance Corporation, Iraq needs $233 billion until 2040 to finance sustainability projects, and this is what not all parties are able to provide.
He stressed that the legislative authorities had to establish special legislation, and a credit information office must also be established.
Al-Saghir also called for the importance of opening the way for non-banking institutions to finance these projects.
He pointed out that financiers should be supported and protected to finance projects through the role of credit information bureaus that provide financial data for these companies that contribute to creating a state of participation to finance these projects.
Regarding how economic developments occur in Iraq, Al-Saghir said that the first challenge is water, agriculture, building renewable energy, and rebuilding industrial capabilities.
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