Iraq joining the membership of the European Bank for Reconstruction and Development

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Iraq joining the membership of the European Bank for Reconstruction and Development

Iraq has become a member of the European Bank for Reconstruction and Development (EBRD) following the House of Representatives’ approval of the accession statute, according to a statement released today, Wednesday, by the Ministry of Finance’s Iraqi Fund for External Development.

This is in line with the Ministry of Finance’s goal to improve frameworks for cooperation and communication between Iraq and international financial institutions, according to a statement obtained by that organization. It also follows the Fund’s ongoing coordination with the management of the European Bank, the completion of Iraq’s contribution process, and the completion of all documents related to accession.

He stated, “Joining will enable the European Bank to finance projects within the country, promote development of various sectors, support the entrepreneurship initiative, and support the private sector through investments and participation in policy dialogue and technical assistance.”

It should be mentioned that the international development bank with its headquarters located in London is the European Bank for Reconstruction and Development (EBRD). With a focus on assisting the private sector and its investments in advising and political activities, the bank utilizes investment as a vehicle to reconstruct market economies in recipient nations. Additionally, the bank assists nations in creating laws that support markets for renewable energy sources or energy self-sufficiency.