Iraq’s accession to the European Bank for Reconstruction and Development
Mawazine News Baghdad
The Iraqi Fund for Foreign Development at the Ministry of Finance announced, on Wednesday, that the Republic of Iraq joined the membership of the European Bank for Reconstruction and Development (EBRD) after the approval of the accession law by the House of Representatives.
Finance said in a statement, received by Mawazine News, that this comes within the ministry’s vision to strengthen cooperation and communication frameworks between Iraq and international financial institutions, and after the continuous coordination of the Fund with the management of the European Bank and the completion of the Iraq contribution process and the completion of all documents related to accession.
The Fund stressed, according to the Finance Statement, that accession will enable the European Bank to finance projects within the country, promote development for different sectors, support the entrepreneurship initiative and support the private sector through investments, participate in policy dialogue and technical assistance.
The European Bank for Reconstruction and Development (EBRD) is a London-based multilateral development bank, focusing on investment as a tool to rebuild market economies in beneficiary countries, with a focus on supporting the private sector and its investments in advisory and political activities, the statement noted.
According to the Iraqi Finance, this bank is helping countries develop their policies to promote energy self-sufficiency or renewable energy markets.
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