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Thread: Iraq Investment Promotion Agency begins encouraging investment

  1. #1
    Join Date
    Jul 2005

    Default Iraq Investment Promotion Agency begins encouraging investment

    The Iraq Investment Promotion Agency opened for business last week. Located at a renovated facility in central Baghdad, the Investment Promotion Agency has begun work to encourage domestic and international investment in the Iraqi economy.

    The agency is co-funded by USAID and the Iraqi Ministry of Planning and Development, which signed on behalf of six ministries in the Government of Iraq.

    USAID has provided institutional support for the Investment Promotion Agency, equipment for the facility and training for its seven-person staff in how to manage the organization and promote investment in Iraq. Three Iraqi ministries – Planning and Development, Trade, and Industry and Minerals – supplied the initial staff for the agency.

    With the launch of the new agency, Iraq has now joined the more than 160 other countries with similar organizations that compete for approximately $7 trillion annually in foreign direct investment worldwide.

    The Iraq Investment Promotion Agency will play a leading role in job creation and economic development.

  2. #2
    Join Date
    Jul 2005

    Default Grants establish microfinance industry in Iraq

    The U.S. Agency for International Development (USAID) has awarded three grants – totaling $8.9 million – to establish a sustainable microfinance industry in Iraq.

    USAID's private sector development program, Izdihar, recently awarded the grants, each for approximately $3 million, to three international non-governmental organizations (NGOs) to help build the capacity of Iraqi microfinance institutions throughout all of Iraq's 18 provinces. Two of the recipients already have existing operations in Iraq.

    The NGOs will provide no-interest loans to start up or expand small businesses in order to create new jobs in Iraq. Microfinance loan amounts typically range from $250 up to $25,000 and enable low-income or otherwise disadvantaged individuals to access small amounts of credit that are not usually provided by banks.

    Through these grants, the NGOs will train Iraqi institutions in management and credit practices so the local organizations can become sustainable and profitably manage the loan portfolios for years to come.

  3. #3
    Join Date
    Jul 2005

    Default Iraqi Trade Information Center opens to Iraqi business

    The new Iraqi Trade Information Center (ITIC) is now open in Baghdad and ready to offer its services to Iraqi business organizations.

    Iraq's Minister of Trade and Minister of Industry and Minerals both attended the grand opening held last week for the facility on the Baghdad International Fairgrounds.

    The U.S. Agency for International Development (USAID) collaborated

    with the Ministry of Trade in establishing the new organization, providing support for renovations and office equipment as well as ongoing training for its staff.

    The ITIC will serve as a one-stop shop for private firms seeking information about trade and investment opportunities in Iraq, helping to stimulate trade and create jobs in Iraq.

    Also, businesses are now able to use the facility's conference center, meeting rooms, Internet services, library and training facilities, and later this year will be able to access information online through the organization's Web site.

  4. #4
    Join Date
    Jul 2005

    Default Iran earmarks $1 billion to invest in Iraq

    MENAFN) Iran announced that it will invest around $1 billion in Iraq's ravaged industrial sector, NewKerala reported.

    A team of Iranian experts is expected to visit Baghdad in the coming weeks to identify business opportunities. Iran's Exports Promotion Bank has already earmarked some $400 million for the first projects to materialize under the plan.

    The Iraqi Minister of Industry and Minerals, has said that about one billion dollars will be invested in a number of projects, namely a car assembly plant, steel and glass industries and the manufacturing of electrical appliances and transformers.

    In 2005, Iran promised to extend to Iraq a credit facility of the order of one billion dollars which will be used to encourage Iraqis buy more Iranian products.

  5. #5
    Join Date
    Jul 2005

    Default Iraq to implement new pension law next June

    MENAFN) Iraqi Ministry of Finance announced that the new pension law will be implemented starting from next June, Al-Sabah reported.

    Currently there are several studies underway to merge the pension law and social insurance with it to facilitate implementation procedures from the other side.

    Notably, the expired terms National Assembly approved on pension law which will allow raising pension salary to 80% out of those who are continuing in their service.

    The new mechanisms include a certain schedule will be adopted in calculating salaries, but this schedule has not finished yet and will continue until the continuing of the last preparations to put the last applications into effect.

  6. #6
    Join Date
    Jul 2005

    Default Basra to be transformed into regional maritime hub

    20/03/2006 12:37:19 ã

    A port, south of Basra
    Basra to be transformed into regional maritime hub

    Iraq is on the verge of starting work on the construction of the Basra Grand Port, an international maritime hub linking Asia and Europe, a senior official at the transport ministry has confirmed.

    Yaarub al-Redayni, a consultant of the transport minister, said that "the Iraqi government is about to embark on this project which will be very important for the future of Iraq and of Turkey. It will be fundamental in connecting these two countries."

    Redayni added that "the plan foresees the construction of 100 platforms with a capacity of 400-100 million tonnes per annum, and the works, which will begin by year's end, till take four years and cost 80 billion dollars."

    He emphasized that "carrying out this project has been awarded too a company with an Iraqi government decree, and it is a local partner company of an American multinational."

  7. #7
    Join Date
    Oct 2005
    Pflugerville Texas


    Once again this is all good stuff. Thanks Big Wave.

  8. #8
    Join Date
    Nov 2005

    Thumbs up All very important!

    Now this all sounds like really BIG great important projects!

    Good job great stuff!!!!!!!!!!!

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