Iraq becomes member of the European Bank for Reconstruction and Development
The logo of the the European Bank for Reconstruction and Development (EBRD). Photo: EBRD
Baghdad (IraqiNews.com) – The Iraqi Fund for Foreign Development announced on Wednesday that Iraq became a member of the European Bank for Reconstruction and Development (EBRD) after the Iraqi Parliament approved the accession law.
The Iraqi Fund for Foreign Development said in a statement that the step reflects the endeavors of the Iraqi Finance Ministry to promote cooperation and communication between Iraq and international financial institutions, according to the Iraqi News Agency (INA).
The statement elaborated that the step will allow the EBRD to fund projects in Iraq, encourage the growth of different industries, support the entrepreneurship program, and assist the private sector by making investments and taking part in policy discussions.
The EBRD was founded to encourage private and entrepreneurial endeavors and the shift toward market-oriented economies.
The EBRD makes investments in 39 economies on three continents: Central and Eastern Europe, the Southern and Eastern Mediterranean, and Central Asia.
The activities include transportation, infrastructure, agriculture, and several other industries.