Erbil market for securities to be opened in August

Posted by on Apr 25, 2014 | Leave a Comment

Shafaq News / Erbil market for securities board said that it has held a joint conference with the international financial institutions to mobilize financial and moral support to open the market next August.

“The capital Erbil witnessed on Sunday the start of work of the International finance Cooperation (IFC) and Erbil market for securities,” According to a statement posted on Kurdistan Regional Government Site , briefed by ” Shafaq News “.

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Shirwan Anwar , Deputy Administrative Board of Erbil market for securities said in a statement on the sidelines of the conference that the conference aims to rally material and moral support to the local and external opening of Erbil Stock Exchange Securities .

He added that there are currently 56 financial companies, chambers of commerce and industry with all of the Ministry of Finance and Economy , the Ministry of Justice , the Ministry of Martyrs and Anfal Affairs in the government of the region involved in this market .

He pointed out that the market is scheduled to open at the end of next August.

(IFC), is a member of the World Bank Group which is the largest development international institution as its work in more than 100 developing countries for companies and financial institutions allows to create jobs , generate tax revenues , improve corporate governance and environmental performance and contribute to the communities in which they operate .

Talking about the establishment of exchange market in Kurdistan has taken place for years to be based in Erbil.

In 2008, Kurdistan Regional Government said that the upcoming bourse will be independent of the Baghdad Stock Exchange , taking care to find understanding and agree to work between the two exchanges .

It is hoped that the Government of the region would contribute with 20 percent of the shares of stock to ensure adequate support for its work , before embarking on a sale of the remaining shares in the market in accordance with the law prepared for this purpose .

Kurdistan has become a major center of attraction for capital and investors in the Middle East , where investors come for business opportunities available in energy, reconstruction or other fields and take advantage of privileges granted by the Government of the Region under the Investment Law .

The stability of the region also played a prominent role in the qualitative development witnessed by the various sectors of the economy.

 

 

 

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