Kuwaiti businessman considering the establishment of a bank in Iraq

Thursday, March 15 / March 2012 21:52

Twilight News / Fawn unveiled for Trading and Contracting Kuwait, for it is currently negotiating with one of the Kuwaiti banks to create and establish a bank in Iraq, pointing to the existence of investment plans in the province of Basra, especially after the governor and officials have expressed their willingness to cooperate.

A Kuwaiti businessman and Chairman of the Board of Directors Fawn for Trading and Contracting Hussein Al-Qattan said in a statement reported for
"Twilight News" that "the Iraqi banking sector is lagging behind the level it has reached international banks, while the role of this sector in the next phase is very important but is a key link in a series of investment in Iraq."

He added that "it is supposed to be the Iraqi banking sector able to meet all the requirements of investors, whether investors locally or foreign, and has the ability to transfer funds to and from Iraq by linking the Iraqi banks and foreign to each other and give loans in addition to banking services needed by the investor."

Qattan said that "the process of establishing the company with the participation of Iraqi banks, banks outside of Iraq and talks are underway with one of the Kuwaiti banks in this regard."

He said the "private sector in Kuwait and Iraq possess great potential, and to the competent authorities of both countries to be aware that the train will not wait much investment in Kuwait or stop long in Iraq."

According to Al-Qattan, "The company Fawn had a head start in entering Iraq and monitor the needs and projects, although there are difficulties and risks at the time, but we wanted to stand directly on the situation and investment opportunities there, and monitoring needs and anticipated projects in years, and today we have visions of a comprehensive and thorough studies to move the actual inside Iraq, in partnership with the Iraqi private sector."

He said "The company has investment plans in the province of Basra, especially after the governor of Basra expressed their willingness and officials to cooperate with us and start of the economic pyramid in Iraq from Basra."

"The areas of investment in Iraq's multiple and include all sectors, especially in the tourism sector in the cities of Najaf and Karbala, and Al Dhabi implementing projects in Iraq and seeking to win new projects again."

He Qattan said that "Iraq, after a decade of neglect, war and destruction is today considered uncharted territory allows each investor to work and be a pioneer and creative in his field of work or activity, and through field studies and research and economic development undertaken by the group in Iraq, it was clear that Iraq needs an infrastructure in all areas and services without exception."

And about his opinion on Can you fit investment is corrupted by politics between Kuwait and Iraq, he replied Qattan that "the peoples of Kuwait and Iraq linked by ties brothers and ratios and a lot in common and I think that every Kuwaiti and Iraqi convinced that the invasion of Kuwait was the result of party impetuous was dominant on Iraq."