By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq takes cautious steps toward privatizing electricity sector With the increasing power cuts in Iraq, calls are mounting to expand privatization as a permanent solution. Click here to […]
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By Padraig O'Hannelly. A major conference has heard that Iraqi Kurdistan will prioritise a shift towards private enterprise and a more efficient public sector. In his keynote speech to CWC/GFEn's Kurdistan Iraq Economic Forum (KIEF) conference, held online, Kurdistan's Deputy Prime Minister, Qubad Talabani (pictured), said: "We must create an environment to let the private sector […]
By John Lee. Kurdistan's Council of Ministers has reportedly approved a proposal from the KRG's Ministry of Electricity to privatize the Region's electricity sector. Ministry official Mohammed Ahmed told Rudaw on Wednesday: "The government and the people will both benefit from it as it will help reduce a significant amount of stolen electricity." More here. […]
Shafaaq News reports that the Central Bank of Iraq (CBI) has announced its intention to privatize the two largest banks in the country. It quotes CBI Governor Ali al-Alaq as saying: "The bank's management is moving to privatize al-Rafidain and al-Rasheed Banks or participate with the private sector ... the move is being coordinated with […]
By John Lee. Private investment in Iraq's industrial sector is expected to reach $7 billion this year, up from $3 billion in 2011, reports Reuters. Adel Karim, the deputy industry minister, told the news agency that the country is reaping the rewards of opening up its financial and industrial sectors and luring foreign investment and […]
One striking characteristic of business in Iraq is the extent of state-ownership of enterprise and assets. Mudher Kasim, a senior advisor to Iraq's Central Bank, claimed that “the problem in Iraq is that 90 percent of the wealth of the nation is in the hands of the government. So centralism always dominates the mindset everywhere”. […]
An Iraqi economic expert said on Thursday that the Iraqi government should embark on a privatization program to improve the state of industry in the country. Fadhel Al-Moussawi told AKnews, "The Iraqi government has not been successful in improving the country's industrial conditions in the past several years due to the reluctance and lack of […]
Iraq government said that there is a tendency to privatise Iraq economy but in a way that is different from that World Bank is asking for.
“The problem in Iraq is that 90 percent of the wealth of the nation is in the hands of the government. So centralism always dominates the mindset everywhere,” The economy is still largely disconnected from the global financial system and is dominated by oil.
MerchantBridge, a direct investment and private equity company focused on Middle East investments, has now invested and managed in excess of US$1.5 billion in debt and equity in Iraq.
Iraq's Finance Ministry Undersecretary, Fazil Nabi, has announced on Sunday that the International Monetary Fund (IMF) is going to push Iraq forward in order to shift into a "private sector" system, in order to grant it a loan to cover the deficit into its state budget.
Up to 240 major Iraqi factories will be opened up for foreign investors, it was revealed yesterday.