Government Advisor: Iraq Development Fund Targeted 6 Key Sectors
Mohammed Al-Najjar Construction and reconstruction Economy News – Baghdad On Wednesday, the Prime Minister's Advisor for Investment Affairs, Mohammed Al-Najjar, explained the strategy adopted by the Iraq Development Fund to ensure the implementation of projects efficiently and transparently, while pointing to the role of international auditing companies in this context.
Al-Najjar said in a statement reported by the official news agency, and reviewed by "Economy News", that "the Iraq Development Fund targeted 6 main sectors in its investments, and these sectors were chosen because they represent Iraq's crises, as we invest in housing, education, digital transformation, smart industry, smart agriculture, and the environment, and each unit of them is a major crisis, and the fund turns this crisis into commercial and economic opportunities that investors benefit from to help us find sustainable solutions to it."
He added, "Every project launched by the Fund looks at a set of criteria. The first criterion is the amount of employment created by these projects, and there are two types of employment: employment during implementation and employment after operation."
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As for industry, we expect 30 to 40 percent of the materials that will be used to be locally made,” he continued, explaining that “now we can provide part of the iron and a large percentage of the cement locally, while most of the remaining materials are imported.
We hope that by launching these major projects, they will be transformed and there will be a great need to establish these factories, and we, as a fund, are now supporting the establishment of a ceramic factory, a brick factory, factories that support our industry, and factories for school trips, among others.”
He pointed out that "the fund is audited in three aspects, including the presence of a body that submits separate reports from the executive management to the board of directors, and this process is managed by an international company, and there is another company that audits the fund's operations, which is like accounting, and this is also another company different from the first, and thirdly,
there is the Financial Control Bureau that conducts the local audit of what we do."
He pointed out that "the fund works within global standards and governance, the aim of which is to find or create a fund capable of being a repository for foreign investments when they enter Iraq,"
noting that "Iraq's previous and current laws do not qualify it to bring direct investments into state departments and so on because they are not compatible with the world, and in the fund, its establishment and governance, we made them compatible with the laws of the world." https://economy-news.net/content.php?id=53163