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Private Sector Development

Private Sector Development. Andrew Alderson Director Finance, Economic Planning & Development CPA South. Introduction. Background Infrastructure Participation Options Structural Considerations Finance Considerations Contacts. Background.

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Private Sector Development

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  1. Private Sector Development Andrew Alderson Director Finance, Economic Planning & Development CPA South

  2. Introduction • Background • Infrastructure • Participation Options • Structural Considerations • Finance Considerations • Contacts

  3. Background • CPA South oversees distribution of US$50m to the Cities and provinces each month in salaries and budgets to over 225,000 state employees. • AOR includes Basra, Maysan, Al Muthanna, & Dhi Qar • Essential services – fuel, water and power have now been stabilised. • Finance leads re-development of the region, followed by trade & industry initiatives. • Payment of salaries and budgets is now a successful operation in cooperation with Treasury. • Focus is now on development programmes across key sectors.

  4. Infrastructure • Economy is centrally planned and 98% state controlled – with an embryonic private sector • 25 Ministries nationally responsible for all economic activities • Sub Directorate level over 300 distinct state entities operating in south • Significant opportunities exist at SME level National Ministries Provincial Directorates SOEs Departments Mixed Sector

  5. Privatisation / Divesture Concessions Build-Operate-Own Contracts Leases Build-Operate-Transfer Contracts Management Contracts Service Contracts 5 10 15 20 25 30+ Months Participation Options 100% Private Investment 100% Public Investment

  6. Structural Considerations • Foreign investment permitted under CPA Order No. 39. • Repatriation of funds is permitted • Domestic laws still apply and Ministries and State Companies exist legally under domestic legislation • Private Companies are beginning to flourish • Joint Ventures and Partnerships organised domestically may avoid complicated legal issues • Local business partners are essential to develop long term contacts • Domestic industrial, commercial and managerial capacity constraints will create greater opportunities as re-development programme gathers pace

  7. Finance Considerations • Iraqi banking system rehabilitation continues at a pace. • LCs are available through private banks as well as international funds transfer. • Private banks have strong links with Kuwait & Jordan • EFT available through Baghdad only at present. • Cash drives economy - activities like cheque clearing between banks remains complicated.

  8. E-mail CPA South commercial.enquiries.south@cpa-iq.org Key Staff in Economic Planning Department Director, Head of Department - Andrew Alderson Essential Services & Utilities – Colin McBride, Robert Apsley Finance – Pat McLoughlin Trade & Industry – Bjorn Brandzaeg, Dominique Hope and Daniela Fiori Agriculture & Irrigation – Ole Jepsen & Tim Tuckett Shipping & Ports– Peter Bingham Education – Alan Pentecost & Stuart Hills Health – Aran Maree & Giovanni Tundo Contacts in CPA South

  9. Zuhair Ali Akbar General Manager Central Bank of Iraq Basrah Branch

  10. Content • Introduction • Iraqi Banking System • Currency Exchange Update • Opening a Bank Account • Doing Business in Iraq • Parallels in other Gulf States

  11. Iraqi Banking System • Existing Banks • Central Bank • Rafidain Bank • Rasheed Bank • Private Banks • Specialised Banks • Exchange Enterprises • Currency Exchange Update

  12. Opening a Bank Account • Regulations for opening a Bank Account • Type of Account • Personal or Corporate Account • Registration Process • Deposit of $100,000 with Ministry of Trade

  13. Doing Business in Iraq • Change in Foreign Investment Rules • CPA Order no 39 & 46 • Foreign Ownership Permitted • Further regulations being prepared. Announcement expected soon. • Examples of other Gulf States

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