Al-Handal: The development road project will shorten time, reduce costs, and provide thousands of jo

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[size=52]Al-Handal: The development road project will shorten time, reduce costs, and provide thousands of job opportunities[/size]

[size=45]The head of the Iraqi Private Banks Association, Wadih Al-Handal, announced that Iraq is committed to combating money laundering, while noting that the development path project will shorten time, reduce costs, and provide thousands of job opportunities.[/size]
[size=45]Al-Handal said during a speech he delivered at the Arab-Turkish summit in Istanbul, which discussed the Iraqi development path, that “Iraq’s policy is focused on economic openness to all countries, to build a network of strong economic relations, and to attract foreign investments in infrastructure development.”[/size]
[size=45]He added, “Bilateral relations between Iraq and Turkey are going through their golden age, as trade exchange reached 20 billion dollars last year, in addition to the great cooperation between Iraqi and Turkish companies in implementing strategic projects inside Iraq,” noting that “the visit of Turkish President Recep Tayyip Erdogan, Last month to Iraq, it will reflect positively on the Arab region, starting with the development road project.”[/size]
[size=45]The head of the Association of Iraqi Private Banks stated, “The Iraqi Development Road Project is one of the projects that will transform the form of transporting goods between the countries of East Asia and Europe, because it will contribute to shortening the time on the ship departing from the port of Al-Faw to Europe by fifteen days compared to other transport lines.” “As well as reducing the cost in terms of insurance and transportation fees, which will reflect positively on the final price of the goods, in addition to the project providing more than 100,000 direct job opportunities with the establishment of large factories inside the country.”[/size]
[size=45]He pointed out, “The development road will link the countries of China, India, the Emirates, Qatar, Iraq, and Turkey, all the way to Britain, through railways and land roads to transport goods and people. It is the leading project in the region currently, as it will contribute to transporting fifteen million passengers annually and more than 22 million tons.” Of goods, it will cost seventeen billion dollars, with revenues for Iraq amounting to about 5 billion dollars annually.”[/size]
[size=45]Al-Handal called on Arab and foreign banks to “contribute to financing investments while continuing to work on providing sovereign guarantees, in a way that contributes to accelerating work and achieving development for all.”[/size]
[size=45]He stated, “The Central Bank of Iraq worked with its Turkish counterpart, during the previous stage, to adopt the Turkish lira and the euro to finance trade exchange between the two countries,” stressing that the banking sector is taking rapid steps in growth, despite the great challenges surrounding it, and that some banks Which faced difficulties in dealing in the dollar, continues to work in other currencies, in implementing the aspirations of its customers, in addition to increasing the types of banking services, which reflects positively on the sector’s work in increasing the percentage of financial inclusion.”[/size]
[size=45]He explained, “The monetary policy, led by the Central Bank of Iraq, during the current stage, worked very successfully, and contributed to reducing inflation from 7.5 percent to 3.8 percent,” noting, “Iraq’s foreign currency reserves reached more than 111 billion.” Dollar, and gold 145.6 tons, which makes it ranked fifth in the Arab world.”[/size]
[size=45]Al-Handal thanked the Union of Arab Banks, praising “this two-day Arab-Turkish summit,” expressing his hope to “come up with urgent decisions that contribute to changing the face of the region economically and give hope to our people, who are suffering from the effects of inflation, rising prices, and the migration of foreign investors.” “.[/size]
[size=45]He stated that “Iraq is one of the countries committed to combating money laundering and the financing of terrorism, according to what was announced by the Financial Action Task Force for the Middle East and North Africa (mini-FATF), and it is an indicator that all countries rely on,” praising “the role of the Central Bank and the Iraqi judiciary in maintaining... “Iraq is classified globally as one of the countries committed to combating money laundering and terrorist financing.”[/size]
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