Iraq joins the membership of European Bank for Reconstruction and Development

INA- Baghdad 

Iraqi fund for External Development  - IFED at Finance Ministry announced, on Wednesday, the Republic of Iraq accession to the membership of the European bank for reconstruction and Development (EBRD) after the approval of accession law by the House of representatives.

IFED said in a statement received by the Iraqi News Agency (INA), that "The Republic of Iraq has joined the membership of the European bank for reconstruction and Development (EBRD) after the approval of the House of Representatives on the accession law, which comes within the vision of the ministry to strengthen the frameworks of cooperation and communication 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 process of Iraq's contribution and the completion of all documents related to accession”.  

The statement added that " joining will enable the European bank to finance projects within the country, promote development for various sectors, support entrepreneurship and support the private sector through investments, participate in policy dialogue and technical assistance" ,pointing out that "the European bank for reconstruction and Development (EBRD) is a multilateral development bank based in London, the bank focuses on investment as a tool to rebuild market economies in beneficiary countries, focusing on supporting the private sector and its investments in advisory and political activities, the bank also helps countries to develop their policies to promote self-sufficiency of energy or renewable energy markets”.