Union of Arab Banks: Iraq's ambience encourages investment

Baghdad-INA  
The Union of Arab Banks confirmed today, Wednesday that Iraq's environment is good and encourages investment, and the country has a pivotal role in the Arab banking sector.
 
The Secretary-General of the Union of Arab Banks, Wissam Hassan Fattouh, said in a statement to the Iraqi News Agency (INA): that “The Iraqi banking sector is ancient and has a pivotal role in the region, and there are Arab investments and banks present within the Iraqi banking market.”
He added, "We were honored to meet Prime Minister Mohammad Shia Al-Sudani, who stressed the importance of Arab investments and Arab banks inside Iraq, and we believe that this is possible due to the good and encouraging environment that eligible investors to enter this market and make investments."
He pointed out that "Arab banking cooperation is important, but it is still below the level of ambition, and the Union of Arab Banks plays an effective role by giving a positive image of banking reform and economic reform that some Arab countries, such as Lebanon and Yemen, need."
"All Iraqi government and private banks have been members of the Union since its founding, and the sector have 500 banks within the Arab world, 400 of which are members of the Union of Arab Banks, and some banks are not entitled to membership if the percentage of foreign investment in banks was more than the percentage of Arab investment." Fattouh said.
He explained that "Arab banks with full Arab capital are entitled to be members of the Union of Arab Banks, and we have members in 20 Arab countries."
Over the past Monday and Tuesday, the conference “Challenges Facing Arab Banks in Complying with International Laws and Legislation and meeting the requirements of Banks” was held in Baghdad, in the presence of a large number of Arab banking and economic officials.