“Tidbits From TNT” Tuesday Morning 9-26-2023

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TNT:

Tishwash:  The Minister of Finance participates in the meetings of the Asian Infrastructure Investment Bank

The Minister of Finance, Taif Sami, Governor of Iraq, participated in the Board of Governors of the Asian Infrastructure Investment Bank, Director of the Iraqi External Development Fund, within the eighth annual meeting of the Asian Infrastructure Investment Bank, held on September 25/26 in Sharm El-Sheikh.

The Minister of Finance indicated, during the meeting, which was opened by Egyptian President Abdel Fattah El-Sisi, with the participation of 106 countries, including Iraq, which is participating for the first time, that “this meeting is of the utmost importance for Iraq, as it is the first meeting after joining the bank, and out of belief in the role that the bank plays with Iraq’s need to rehabilitate it.”

And the development of its infrastructure, which is considered one of the most promising markets, especially in the field of industry, transportation and energy. All legislative and legal procedures were completed and the Iraqi flag was raised among the member states.

Sami stressed the bank’s role in deepening cooperation between all parties, enhancing communication between Asia and the countries of the world, stimulating investments, and financing infrastructure projects in light of the global financial crises.

She added, “The meeting is of great importance for the effective contribution to opening new horizons for the Bank with member states, as they are in dire need of huge infrastructure projects, reconstruction, climate efforts, and the green economy,” and pointed out the projects that the Bank can finance that would achieve economic development in developing countries. Including Iraq.

In a related context, Finance Minister Taif Sami met with the Vice President of the Asian Bank, Konstantin Lemdtovsky, and they discussed entering into joint projects related to the public and private sectors in the field of industry, transportation, and energy.

Sami explained that their desire to enter the field of infrastructure investment will be conveyed to the Iraqi government and provide them with projects that Iraq considers top priorities. She pointed out that Iraq aims to benefit from the experiences and capabilities of the Asian Bank in mobilizing financial resources for private investments, in order to achieve comprehensive and sustainable development goals. ./End 5   link

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Tishwash:  Abdul Mahdi from Shanghai: Iraq approved more than 10 billion dollars to implement the Chinese agreement

Former Prime Minister Adel Abdul Mahdi stated on Tuesday that more than 10 billion US dollars had been allocated in the tripartite budget to implement the “Iraqi-Chinese Framework Agreement.”

This came in his speech during the fourth session of the China-Arab Forum for Reform and Development held in the Chinese city of Shanghai.

Abdul Mahdi said in his speech that China has “comprehensive strategic partnership relations with (14) Arab countries, including Iraq,” indicating that the volume of trade exchange in 2022 between China and the Arab countries is (431.442) billion dollars, an increase of 30% annually.

He confirmed that (17) Arab countries have become members of the Asian Infrastructure Investment Bank, and he noted that.

Abdul Mahdi continued by saying that: The “Belt and Road” project has come a long way with the Arab countries, adding that on September 6, 2023, the Arab foreign ministers confirmed at the Arab League meeting, their support for the “Belt and Road” initiative, and strengthening the mechanism for building the Arab-Chinese Cooperation Forum. To sign (21) Arab countries – including Iraq – to participate in the “Belt and Road” initiative, and to integrate the initiative with Arab development strategies. Many sensitive projects have been completed – or are under implementation – with most of these countries.

He added, “In Iraq, an amount of $10.510 billion was approved in the state budget for the years (2023-2025) under the title of the ‘Iraqi-Chinese Framework Agreement.’

It is noteworthy that the Belt and Road Initiative was established on the ruins of the Silk Road in the nineteenth century in order to connect China with the world, making it the largest infrastructure project in human history.

The initiative was incorporated into the Constitution of the People’s Republic of China in 2017, and the Chinese government describes the initiative as “an attempt to enhance regional connectivity and embrace a brighter future.” The project’s target completion date is 2049, which will coincide with the centenary of the founding of the People’s Republic of China. ink

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Tishwash:  Iraq and the World Bank are discussing a mechanism for auditing the development road project designs

Today, Monday (September 25, 2023), the Ministry of Transport announced the details of the meeting of the Minister of Transport, Razzaq Al-Saadawi, with representatives from the World Bank to discuss the development path and plans to develop mass transit and railways in Iraq.

The Ministry stated in a statement received by “Baghdad Today” that “Minister of Transport, Razzaq Muhaibas Al-Saadawi, received today, Monday, a delegation from the World Bank, in the presence of the Undersecretary for Administrative Affairs, Dr. Hazem Al-Haffi, and a number of general directors in the Ministry, and discussed with them the mechanism for reviewing and auditing project designs.” Prepared by the Italian consultant, in accordance with the directives of Prime Minister Muhammad Shiaa Al-Sudani.” 

She explained that “the World Bank delegation was headed by Engineer Ibrahim Al-Dajjani, Director of the Transport Sector in the Middle East and North Africa, and the membership of Soran Hama Ali, Senior Infrastructure Specialist and Director of the Transport Sector in Iraq, and Derek Mahoney, Senior Infrastructure Specialist within the World Bank Group.” While present alongside the Minister were the Undersecretary for Administrative Affairs, Hazem Al-Haffi, the Director of the General Company for Transporting Passengers and Delegations, Engineer Karim Kazem Hussein, the Director of the General Company for Iraqi Railways, Engineer Younis Al-Kaabi, a representative of the International Cooperation Department, and a number of other officials.

The Ministry indicated that “the meeting discussed a number of strategic projects that are the top priorities of the Ministry’s work, especially the development road project, the rehabilitation and development of the network of railway lines and mass transit in the country, and the development of a plan for cooperation to implement these priorities to improve the national economy and serve Iraqi citizens.”

She added, “The Minister stressed during the meeting that the development road is an important, vital regional project, and we look forward to its full implementation and completion, indicating that the Iraqi government is looking forward to benefiting from the global expertise of the World Bank in the field of regional and intercontinental transport and in the field of providing the Ministry of Transport with specialized advice, opinions, and viewpoints.” “Related to the project designs prepared by the Italian consulting company designing the project.”  link