Corruption, deteriorated banking system hinder investment in Iraq

Baghdad (IraqiNews.com) The economic expert, Ali al-Sudani, stated that ”The corruption hinders investment in Iraq.”Sudani reported in statement received by IraqiNews.com ”Relieving Iraq out of UN Charter’s Seventh Chapter is such an important event and an opportunity to establish developments on technology and scientific levels in all economic and researching sectors.””The financial and banking fields will have more space of freedom in dealing with global banks which provide a financial capital for investors to participate in major projects in Iraq,” he added.”The corruption and retarted banking system are hindering Iraqi economy and contributing in funding terrorism and promoting corruption in all State institutions,” he pointed out.According to observers, many obstacles are still preventing investors from participating in reconstruction of Iraq such as bureaucracy, corruption, deteriorated infrastructure and other legislative and economic problems. \END\