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Iraqi expert emphasizes the significance of the amendment to article 28 of the General Banking Act

18 Jan 2013
Saif Hilfi, the economic expert expressed the importance of altering Article 28 of the General Banking Act for supporting investment in the Iraqi banking sector, calling for the requirement of strengthening relations with Arab banks for the progress of the local banks. Saif Hilfi stated in a press statement recently, saying that the private banks could play a main role in developing the economy through setting up a fund for lending to private investment projects in the country, because it has a high potential and helps capital. The expert also added that the federal government demands the support of the banking sector in terms of amending the laws, in particular the Article 28 of the General Banking Law direct investment to the banking sector for allowing it to enter the investment sector to contribute to the country’s economic growth. He indicated that Arab’s support is really important in the banking sector through the promotion of the collaboration between the Arab and the Iraqi banks, mainly the Lebanese to open letters of credit in particular, because the Lebanese banks have a great desire to deal and cooperate with the Iraqi banks. Source: [Al Mustakbal]
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