Central Bank of Iraq: International investment companies deterred by continued sanctions

Central Bank of Iraq: International investment companies deterred by continued sanctions

Monday, December 13th 2010 3:14 PM



Baghdad, Dec. 13 (AKnews) - The Central Bank of Iraq confirmed on Monday that most of the large foreign investment companies are put off investing in Iraq because of the continued imposition of the UN’s chapter 7 sanctions.

The adviser of the Central Bank of Iraq, Muthher Mohammed told AKnews that the possible removal of the sanctions at the end of this year and new levels of internal security and political stability will encourage larger international firms to invest in Iraq.

“The foreign companies currently operating in Iraq are mostly secondary companies that do not have money, but they coordinate with major corporations to implement simple projects for fast profit,” he said.

"Iraq's ability to build a strong and coherent economy depends on its liberation from the chapter 7 sanctions which will activate the investment and banking sectors more widely once removed."

The UN Security Council is preparing to discuss the possibility of removing the sanctions imposed on Iraq during its session on Thursday.

The sanctions were imposed following the Iraqi invasion of Kuwait in August 1990 under chapter VII of the UN Charter and included an economic embargo and the freezing of Iraqi funds ion international banks.

According to the UN resolution, Iraq must remain under the restrictions of Chapter VII until the United Nations confirms to the Security Council, Baghdad’s commitment to all international resolutions concerning the occupation of Kuwait, including the payment of compensation.


http://www.aknews.com/en/aknews/2/202002/