KTFA
FRANK26:"FROM IFC TO KFC THE WORLD POURS INTO IRAQ"...........F26
Iraq signs an agreement with "IFC" to develop the stock market
6/12/2024
Baghdad
On Wednesday, the Securities Commission announced the signing of an agreement with the International Finance Corporation to develop the securities market, indicating that this agreement will bring investments and achieve sustainable development.
The head of the authority, Faisal Al-Haims, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the authority signed an agreement to develop the work of the Iraq Stock Exchange after discussions with the International Finance Corporation IFC,” indicating that “the agreement is advisory related to corporate governance and best practices.” Required by companies listed on the Iraq Stock Exchange.
He added, "This contract will be reflected on the Iraqi stock market at the international level, bringing investments and achieving sustainable development according to the plan of Prime Minister Muhammad Shiaa Al-Sudani."
He pointed out that "the project is the first cooperation between the Securities Commission and the International Finance Corporation," stressing that "there are other projects with them in the future."
For her part, Amira Ajaj, responsible for corporate governance and environmental and social standards programs in the Middle East region of the International Finance Corporation, affiliated with the World Bank, expressed her “pleasure with the signing of the agreement in a way that guarantees the authority the use of international expertise from the International Finance Corporation (IFC), affiliated with the World Bank.”
She continued, "The agreement will establish regulatory frameworks for practicing governance for environmental and social standards, which will reflect positively on the listed companies in terms of improved performance and sustainability, and will put Iraq on the path to further development and progress."
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"THIS IS VERY SIGNIFICANT!!!".................F26
The Securities Commission signs an important agreement with IFC...with these details
6/12/2024
The authority stated in a statement, a copy of which {Al-Furat News} received, that: “The aim of the agreement is to enhance and develop the investment environment in Iraq by improving environmental, social and governance regulations and frameworks to comply with international standards, enhancing the ability to implement and supervise their implementation in Iraq and contributing to increasing attractiveness.” Investment in the Iraqi Stock Exchange environment.
She added, "To achieve this goal, there will be coordination with the Iraq Stock Exchange through the supervision of the Iraqi Securities Commission to develop an environmental, social, and corporate governance guide to support improving the performance of listed companies, and put Iraq on the path towards a strong and sustainable economy, as the agreement included a mechanism for arriving at a mandatory guide for implementation." On companies listed on the Iraqi Stock Exchange.
The head of the authority, Faisal Al-Haims, said, “Preparing a social, environmental, and corporate governance guide through a partnership with the International Finance Corporation improves the Iraqi investment environment by adopting international standards that develop the current investment environment in the Iraqi Stock Exchange. Following the environmental and social governance framework Corporate governance makes companies listed on the Iraqi Stock Exchange more transparent, better performing, and more attractive to foreign investments.”
He stated that "the subject of environmental, social and corporate governance will be one of the axes of the national strategy for investment awareness and supporting the investment culture that the Authority is working to achieve and will be announced on October 1 of this year."
For his part, Aftab Ahmed, IFC Regional Director for the Middle East, Pakistan and Afghanistan, said, “We are excited to partner with the Iraqi Securities Commission in this important initiative that aims to help companies and banks mitigate the risks of environmental, social and governance practices, and improve performance in the long term.” Sustainably, in addition to attracting investment and contributing to the sustainable growth of the stock market in Iraq.”
He pointed out that "during the process of preparing the guide, there will be workshops and meetings with relevant parties such as listed companies and brokerage companies."
The Iraqi Securities Commission, as the regulating and monitoring body for securities activity and related activities and financial services, seeks to increase the contribution of this sector to the gross domestic product and provide an investment environment that protects the rights of investors and other stakeholders.
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