The World Bank imposed Condition over Funds Transferring: Al-Fayez

On Sunday, a member of the Iraqi Committee on Economy and Investment Representative, Amer Al-Fayez said that the news regarding the condition imposed by the World Bank. He said that the condition of the World Bank bounds that continuity of funds collected from donor conference is only expected under the supervision of the Bank. He indicated that Iraq has been found involved in massive amount of administrative corruption, so there is a fear of handling money because it is just dedicated for Iraqi people not for thieves. Al-Fayez said in his press statement that the requirement of World Bank has indicated that the Bank is not ready to hand over the funds to Iraqi government collected from donor conference. It is due to the Bank needs to keep it under the supervision of the World Bank. The Bank wants to supervise its distribution to the investment companies that are willing to participate in the reconstruction process in the country.

The World Bank imposed Condition over Funds Transferring: Al-FayezAl-Fayez pointed out that there was a condition to deposit funds from donors in Kuwait in order to deposit funds in the Kuwaiti bank and contributed in the form of payments to investment companies. He added that it was expected because Iraq has been considered one of the most corrupt countries in the world with rising corruption index. He indicated that it led to the loss of confidence to international investors and investment companies on the Iraqi financial institutions. The Iraqi Economic Committee in the House of Representatives said earlier that at least 27 billion U.S dollars in the form of loans granted to Iraq at the International Conference on Reconstruction in Iraq. Point to be noted that the Conference took place on 12th February and Iraq also received non-sovereign loans, financing and project guarantees of more than 11.61 billion U.S dollars. Some major participants were Kuwait, Saudi Arabia and United Kingdom.

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