Parliamentary Economic reveal a proposal to create a sovereign wealth fund to attract investment

by lonelyintexas Sat 25 Apr 2015, 2:57 pm

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Parliamentary Economic reveal a proposal to create a sovereign wealth fund to attract investment

by lonelyintexas Sat 25 Apr 2015, 2:57 pm

Parliamentary Economic reveal a proposal to create a sovereign wealth fund to attract investment

Sat Apr 25 2015 13:05 |

Baghdad revealed to the Committee of Economy and investment parliamentary Saturday, its intention to submit a proposed law to establish a sovereign wealth fund to attract investment in Iraq, as shown that this fund will be linked to the International Monetary Fund to give guarantees to investors .

A member of the committee MP proof Almamori in an interview with the Sumerian's News, "The Commission has adopted a proposal to the law establishing the sovereign wealth fund of the Presidency of the Council of Representatives for approval," explaining that "this fund exists in neighboring countries and more than 100 countries, and works to attract investments into the country . "

He added that "the fund comes through the financial allocation of the financial budget or from other sources," noting that "the Fund link may be shared between the Central Bank of Iraq and the Iraqi government, as well as have a link to the International Labour Fund."

He continued Almamori, that "The purpose of linking the International Monetary Fund, is to give guarantees or immunity to foreign investors when he came to Iraq, because of a lack of confidence as a result of the country's situation," noting that "the management of the Fund is through her company a certain percentage."

Almamori He pointed out that the "Committee for the economy and investment parliamentary held meetings and seminars with Iraqi economists and government agencies concerned, to have their views taken and included law before approval. "

It is noteworthy that "sovereign wealth" fund, is owned by the Fund by the state consists of assets such as land or stocks, bonds or other investment devices, and can be described these funds entities manages the state surplus for investment, a group of money is worth billions of dollars invested by states in stocks and bonds.

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