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Iraq's accession to the European Bank revives hopes for reconstruction
The first 11/19/2023
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Baghdad: Hoda Al-Azzawi
Experts and specialists expressed their hope that Iraq’s accession to membership in the European Bank for Reconstruction and Development will revive the wheel of reconstruction and revive many of the large projects that the current government has begun to implement.
The US administration welcomed the Iraqi step, and stated in a comment on the matter that “Iraq’s joining the European Bank allows its companies to access loans that contribute to improving products and services and enhancing communication with the world.”
The director of the Regional Center for Studies, Ali Al-Sahib, said in an interview with Al-Sabah: “With persistent government efforts, Iraq has joined the European Bank, which contributes greatly to the reconstruction and revival of many large and giant projects that the Sudanese government has begun to implement.”
He pointed out that "Iraq can benefit from external financial and political support, because Iraq - unfortunately - lived an era of time away from the wheel of construction and development, and therefore today it needs a working paper presented by the Ministry of Planning in cooperation with the ministries and institutions concerned with the matter," demanding that the state have The Iraqi “Reconstruction Council” is “similar to that council during the royal era, which brought to light a huge number of projects that are still ongoing.”
He added, "We need to restore the destroyed infrastructure, which we may be able to restore in cooperation with the European Bank. We cannot fail to mention that the labor force must be local to employ the largest number of Iraqis, not to mention the engineering and architectural expertise in this aspect. We must also put in place steps." On the path to sustainable development and development.
The Ministry of Foreign Affairs announced earlier that Iraq had joined the European Bank for Reconstruction and Development, and the ministry’s spokesman, Ahmed Al-Sahhaf, said in a statement, “Iraq has joined the European Bank for Reconstruction and Development to become the 74th member of the bank.”
He added, "The transformation process has now been completed to become a contributing member, and as a shareholder, Iraq can apply to benefit from the financial and political support provided by the European Bank for Reconstruction and Development."
The President of the European Bank for Reconstruction and Development, Odile Renaud Basso, welcomed Iraq as a member of the bank, expressing her aspiration to begin work in Iraq and “apply our expertise to develop its economy.”
Meanwhile, the academic researcher, Dr. Qasim Balshan Al-Tamimi, indicated in an interview with “Al-Sabah” that “Iraq’s accession to membership in the European Bank is a step in the right direction to build and support the economy.”
He stated that "the European Bank has been helping to develop the economies of developing countries since its founding in 1991, and investment is an important tool to help build market economies. From this standpoint comes the importance of Iraq joining it, given that Iraq represents a broad arena and a good environment for investment in various fields and sectors, and it can Iraq's accession to this bank will help promote the development renaissance in the country, and this will provide great job opportunities, in addition to making Iraq a destination for giant European companies, thus supporting the Iraqi economy and moving away from the grip of the mono-economy that depends on oil.”
Edited by: Muhammad Al-Ansari
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