TNT – “Tidbits From TNT” Saturday Morning 2-10-2024

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CandyKisses:  Red Sea tensions revive trade route between Iraq, Egypt and Jordan

The Egyptian Ministry of Transport announced on Saturday the operation of the first phase of the Arab trade line between Iraq, Egypt and Jordan at the beginning of this year, following the Red Sea tensions.

She said in a report, followed by Shafaq News Agency, that the attacks of the Houthi group on international shipping ships in the Red Sea and the subsequent threat to navigation in the Suez Canal, highlighted the importance of the commercial link project between Iraq, Egypt and Jordan, and even talk about adding other routes linking the Gulf countries with Egypt.

According to the ministry, work is currently underway to implement the second phase of the integrated Arab trade line, through the construction of the Taba-Arish-Bir al-Abd-Fardan railway line, with a length of 500 km, to increase the volume of goods targeted for transport from the Gulf, Iraq and Jordan to Europe and America.

She stressed the Egyptian side’s keenness to provide all forms of support for this new line, by facilitating procedures, and encouraging companies and various parties to use the line in both directions, especially with its importance in transporting goods from the Gulf, Iraq and Jordan to European and American countries.

Mohammed Ali Ibrahim, former dean of the Faculty of International Transport and Logistics at the Arab Academy for Science, Technology and Maritime Transport (AASTMT), believes that the line may be a window for the exports of Jordan and Iraq, and may open a door for the exports of Gulf countries, as they will pass through this road, which is an investment in the idea of multimodal transport.

“Of course, this is a solution to the Red Sea crisis for some neighboring countries, but it cannot be an alternative to the Suez Canal,” he said.

In December of last year 2023, the Iraqi Ministry of Transport said that “Iraqi ports” have become an alternative to international transport lines to deliver goods from east to west, coinciding with the change of many major international transport companies due to security tension in the Red Sea and the Bab al-Mandab Strait.

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Tishwash:  Integrity announces the return of nearly a quarter of a billion dinars from a government bank official

The Federal Integrity Commission announced that it was able to return nearly a quarter of a billion dinars from a former official in a government bank, after she was sentenced to imprisonment in her presence and paid a large financial fine.

A statement of integrity, of which {Al-Furat News} received a copy, stated that “Al-Rafidain Bank / main branch received a financial sum amounting to (177,622) thousand US dollars, which is equivalent to (232,684,820) million dinars, as a result of the legal procedures taken in the case of the convict, Assistant Director of Al-Rafidain Bank – Branch.” Khaldiya.
 
He added that the funds received by the bank represent the rents for the “Almas Tower” building for the period from (4/1/2023 – 10/31/2023), pointing out that the Rusafa Criminal Court – Second District issued on 8/25/2022 a ruling ruling By confiscating the convict’s share of the aforementioned property for the benefit of the bank, noting that these amounts cannot be disposed of except by a court decision.
 
The statement explained that the ruling decision, which was issued by the court in the case that the Commission investigated and referred to the judiciary, stipulates the imprisonment of the Assistant Director of the Rafidain Bank. Khalidiya Branch for a period of (15) years, with a fine of $10 million, based on the requirements of Article (36) of the Money Laundering and Anti-Terrorism Law No. (39 of 2015).  link

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Tishwash:  Association of Banks: Electronic payment in Iraq is witnessing a major transformation

Today, Friday, the Iraqi Private Banks Association counted the number of electronic payment devices and payment cards during the year 2023, confirming that this issue is witnessing a major transformation.

The Executive Director of the Association of Banks, Ali Tariq, told the official agency followed by (Al-Oula News): “The electronic payment file is making continuous progress thanks to the support and directives of Prime Minister Muhammad Shiaa Al-Sudani, and the government’s insistence on achieving this goal has stimulated all institutions, whether governmental, private, or financial institutions.” “Cooperating in the field of providing electronic payment tools to citizens across the public and private sectors.”

He pointed out, “After the Council of Ministers issued the decision to generalize electronic payment last year, a very significant progress and leap was achieved with regard to the number of points of sale, whether in the private or government sector, as it rose in just half a year from about 7,000 devices to 24,000 devices at the end of the year.” The same year 2023, expecting that “the number of electronic payment devices will increase further during the year 2024.”

He pointed out, “Nearly two and a half million cards were issued in 2023, whether prepaid cards or cards linked to an account to activate them in this field.”

He stressed, “Electronic payment in Iraq is witnessing a clear transformation, and it needs a little time. “So that all institutions, in accordance with the decisions issued by the Council of Ministers, can move to automation in a way that ensures the presence of electronic payment ports in all institutions and places.”  link