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Parliamentary Finance Committee: financial obligation to pay the letters of guarantee in case the bank breached
15/07/2011
Confirmed that the Finance Committee in the Parliament that the Ministry of Finance to pay the binding letters of guarantee for companies executing the projects, if the bank breached its obligations.
It is noted that the request of the Minister of Electricity and the Minister of Finance address the letters of guarantee, which was presented to companies implementing projects of the ministry, in addition to announcing that Iraqi banks is not capable of this Aldmant.
A member of the Finance Committee and the representative / Kurdistan Alliance / Najiba Najib told the reporter Agency (news) Friday: The claim of the Ministry of Electricity and Ministry of Finance to issue letters of guarantee for the implementation of the projects that it has concluded with the Federal Government to the priority issue of electricity
She explained: In the event of Iraqi banks were able to pay these guarantees or you can not Valmalah is only binding on the subject.
Najib said: was the conclusion of contracts with Korean companies and others that the government and specifically the financial signing a letter of guarantee, which means that those companies will ensure that the amounts agreed in the contract within Mamugod "afterthought" was supposed to enter the party managers of banks entering into these contracts
Parliamentary Finance Committee: financial obligation to pay the letters of guarantee in case the bank breached
15/07/2011
Confirmed that the Finance Committee in the Parliament that the Ministry of Finance to pay the binding letters of guarantee for companies executing the projects, if the bank breached its obligations.
It is noted that the request of the Minister of Electricity and the Minister of Finance address the letters of guarantee, which was presented to companies implementing projects of the ministry, in addition to announcing that Iraqi banks is not capable of this Aldmant.
A member of the Finance Committee and the representative / Kurdistan Alliance / Najiba Najib told the reporter Agency (news) Friday: The claim of the Ministry of Electricity and Ministry of Finance to issue letters of guarantee for the implementation of the projects that it has concluded with the Federal Government to the priority issue of electricity
She explained: In the event of Iraqi banks were able to pay these guarantees or you can not Valmalah is only binding on the subject.
Najib said: was the conclusion of contracts with Korean companies and others that the government and specifically the financial signing a letter of guarantee, which means that those companies will ensure that the amounts agreed in the contract within Mamugod "afterthought" was supposed to enter the party managers of banks entering into these contracts
