Cabinet OKs Iraq’s accession to ITFC

Cabinet OKs Iraq’s accession to ITFC

September 8, 2009 - 08:23:11

BAGHDAD / Aswat al-Iraq: The Iraqi cabinet has approved a draft law on Iraq’s accession to the International Islamic Trade Finance Corporation, a member of the Islamic Development Bank Group, a government spokesperson said on Tuesday.

“The ITFC is an effective tool for financing trade operations by member countries,” Ali al-Dabbagh told Aswat al-Iraq news agency.

The spokesperson noted that the accession to the corporation will enable Iraq to benefit from the services provided by the Islamic Development Bank.

The economic committee in the Iraqi cabinet has approved the accession through subscription of $10 million U.S. dollars in cash, Dabbagh noted.

During its session dated November 20, 2007, the Council of Ministers authorized the governor of the Central Bank of Iraq (CBI) to sign an agreement on Iraq’s accession to the corporation, Dabbagh added.

SS (P)

2009-09-09

Iraq's accession to the International Islamic Trade Finance

بغداد - نينا BAGHDAD - Nina

Attributed the government spokesman Ali al-Dabbagh Cabinet approval the bill Iraq's accession to the Convention establishing the International Islamic Trade Finance to be able to utilize the services of the Islamic Development Bank and the services of the Convention.

A press release said the office: The International Islamic Trade Finance is an effective tool to serve the trade finance in Member States and the Convention is an international agreement can not be any adjustment for the time being, adding that Iraq, and a member of the Islamic Development Bank, so it will enable him to take advantage the services of the Islamic Development Bank and the services of the Convention.

He explained: "The CBI asked to join the International Islamic Trade Finance and ratification of the Convention and to identify stocks that Iraq wants the subscription by the Foundation's capital was approved by the Economic Committee of the Council of Ministers to accede to the amount of the subscription $ 10 million has been prepared in the Supreme Judicial Council a draft law on Iraq's accession to the Convention referred to.

The statement continued: The Council of Ministers has already decided on its session held in the usual 47 to 20 in November of 2007, approval to authorize the Governor of Central Bank of Iraq authorized to sign the Convention establishing the International Islamic Trade Finance has been reported that the signing of the agreement specified period has ended and that the institution requests ratification of the Convention, as well as the number of shares that Iraq wants the IPO in the Foundation's capital has been suggested that the Iraqi Central Bank that the subscription amount (10) million dollars and the ratification of the Convention to allow him to inform the International Foundation for trade finance to do so.

A: The International Islamic Trade Finance is an international institution enjoying full legal personality and is a member of the Islamic Bank for Development and aims to develop intra-regional trade and international assistance in finding investment opportunities in member countries and provide technical assistance and training to public and private institutions in the Member States of the Organization of Islamic Conference .

The statement said: It is envisaged because of the usefulness of this Convention and to support Iraq's goals of development cooperation with the Foundation and the ratification of the Convention back something positive effect on Iraq and that the accession to the Convention in principle a positive with regard to promoting bilateral trade and the financing of Islamic countries and for relations among them, both in the area of export capacity or find investment opportunities in addition to the fact that Iraq is a member of the International Foundation for trade finance as the national development strategy in recent years and the future points to the need to deepen the experience of Islamic banks and the consolidation of relations with it.

The Cabinet decided at its previous meeting approved the proposal to draft the Act of Accession of the Republic of Iraq to the Convention establishing the International Islamic Trade Finance and allocate it to the House of Representatives.