The Louis Berger Group has announced that it will help the Kurdistan Regional Government (KRG) to start up the Erbil Stock Exchange (ESX) in Iraq’s Kurdistan region, a joint endeavor of the Iraqi government and private sector to build a modern securities market.
“The launch of the ESX initiative is yet another testimony of the commitment of the people of our region to not only showcase the positive developments in Kurdistan, but to also position the region as the gateway to Iraq and its growth-oriented companies,” said Abdullah A. Abdul Rahem (Abo Bangin), chairman of the ESX, at the recent contract signing ceremony.
Louis Berger will provide technical assistance toward the establishment of the ESX. Key tasks will include developing and implementing a business plan; recruiting and training exchange staff; and selecting and installing trading, clearance and settlement systems infrastructure. Louis Berger will work closely with the region’s senior ministers, including the prime minister’s office, as well as prominent community businesses, financial institutions, investors and other stakeholders.
“This high-profile initiative is an example of the diversity of our company’s work. The project presents an opportunity to help reshape a region’s financial and economic system through developing modern financial market infrastructure that boosts development,” said Charles Bell (pictured), Louis Berger’s Integrated Development group vice president. “The ESX will open a new frontier of financing to growth-oriented companies, while generating new opportunities for investors to start or diversify their securities investments.”
Work on the ESX will begin in April. Louis Berger’s technical team has worked on other stock exchanges and recently completed an effort to strengthen the Iraqi financial sector under the USAID-funded Tijara program, a five-year initiative to promote private sector growth and employment in Iraq.
(Source: Louis Berger)