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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

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    Iraq joins the membership of the European Bank for Reconstruction and Development

    Rocky
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    Iraq joins the membership of the European Bank for Reconstruction and Development Empty Iraq joins the membership of the European Bank for Reconstruction and Development

    Post by Rocky Wed 20 Mar 2024, 4:51 am

    [size=35][size=35]Iraq joins the membership of the European Bank for Reconstruction and Development[/size]
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    Economy

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    03-20-2024 | 03:33
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    Alsumaria News - Economy

    The Iraqi Fund for External Development in the Ministry of Finance announced today, Wednesday, March 20, 2024, that the Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law.


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    The Ministry of Finance stated in a statement received by Al-Sumaria News that this comes within the Ministry’s vision to strengthen frameworks of cooperation and communication between Iraq and international financial institutions, and after the Fund’s continuous coordination with the management of the European Bank, the completion of Iraq’s contribution process, and the completion of all documents related to accession.



    According to the statement, the Fund confirmed that accession will enable the European Bank to finance projects within the country, promote development of various sectors, support the entrepreneurship initiative, and support the private sector through investments and participation in policy dialogue and technical assistance.
     
    It should be noted that Iraq had previously submitted an application to join the Bank in April 2018, and the Board of Governors approved its membership in October 2020. The process of transitioning to becoming a contributing member has now been completed. 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, said: “I am pleased to welcome Iraq as a member of the Bank. We are fully committed to engaging with the country, and when the time comes, we look forward to starting work in Iraq, and applying our expertise to develop its economy.” 

    The European Bank for Reconstruction and Development (EBRD) is a multilateral development bank headquartered in London. The bank focuses on investment as a tool to rebuild market economies in beneficiary countries, with an emphasis on supporting the private sector and its investments in advisory and political activities. The bank also helps countries develop their policies to enhance self-sufficiency. Self-energy or renewable energy markets.
     
    The European Bank for Reconstruction and Development (EBRD) was established in 1991 to help former communist countries in Eastern Europe transition to a market economy. The Group of Seven major countries owns a majority stake in the bank.

    In recent years, the bank began expanding its geographical scope to countries including Egypt, Tunisia and Morocco. Earlier this year, the bank's shareholders gave the green light for Algeria to become a member.

    The Foundation launched its operations in the southern and eastern Mediterranean region in 2011, and has so far invested nearly 19 billion euros in 363 projects to support the private sector and sustainable development. Also, during the years 2025 to 2030, the bank plans to invest in approximately six countries in sub-Saharan Africa.

    At the beginning of its establishment, the Multilateral Development Bank focused on the countries of the former Eastern Bloc, and sought to support development in 30 countries from Central Europe to Central Asia.
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