IRAQ: HEAD OF WORLD BANK JAMES WOLFENSOHN SAYS IRAQ NEEDS TO IMPROVE SECURITY SITUATIONS TO ATTRACT LOCAL AND INTERNATIONAL INVESTMENT

Record ID: 566247

  • Title: IRAQ: HEAD OF WORLD BANK JAMES WOLFENSOHN SAYS IRAQ NEEDS TO IMPROVE SECURITY SITUATIONS TO ATTRACT LOCAL AND INTERNATIONAL INVESTMENT
  • Date: 1st August 2003
  • Summary: (EU) BAGHDAD, IRAQ (JULY 30, 2003) (REUTERS) 1. MV WORLD BANK CHAIRMAN JAMES WOLFENSOHN MEETING IRAQ'S INTERIM GOVERNMENT, WOLFENSOHN TALKING, COUNCIL MEMBERS LISTENING (6 SHOTS) 0.29 2. (SOUNDBITE) (English) BREMER, SAYING (AUDIO AS INCOMING) "I am very pleased that I have just had a good meeting with Mr. Wolfensohn where we had a chance to discuss World Bank efforts to help the Iraqi people reconstruct their country." 0.52 3. SLV NEWS BRIEFING 0.56 4. (SOUNDBITE) (English) WOLFENSOHN, SAYING "People invest where they have confidence both in the protection of their investment or the protection of themselves, which is a security issue. So the security issue is fundamental, it needs to be addressed. I believe from my discussions it is being addressed. But the straightforward answer is if people are worried about being shot, they are not very likely to make investments. So, the restoration of calm and the restoration of peace in the country is very important not just for the Iraqi people but it is a very important for the questions of investment, and it's not just international investment, I think what you should understand is that the major creator of jobs in any country is small and medium-size enterprise, it is local investment. And so you want to create an environment where local investors want to invest, and that too is an issue of security." 1.47 5. SLV NEWS BRIEFING (2 SHOTS) 1.55 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 16th August 2003 13:00
  • Keywords:
  • Location: BAGHDAD, IRAQ
  • Country: Iraq
  • Reuters ID: LVAAHSVAZKLX7K5PDIJZDIIKR8KC
  • Story Text: The head of the World Bank says Iraq needs to
    improve its security situation to attract local and
    international investment.

    The head of the World bank President James
    Wolfensohn arrived in Iraq to assess reconstruction needs,
    but hinted on Wednesday (July 30, 2003) that an aid package for
    the war-ravaged nation may only materialise after a
    constitution is drawn up.

    The World Bank has been given the task of putting
    together an assessment of how much the rebuilding of Iraq
    is likely to cost, before a meeting of donors scheduled to
    take place at the end of September or October.

    Wolfensohn met members of Iraq's Governing Council who
    named a Shi'ite politician as its first leader on
    Wednesday, after adopting a rotating presidency which will
    give representatives of all major groups a turn at being in
    charge.

    He also met U.N. special representative Sergio Vieira
    de Mello and Iraq's U.S. administrator, Paul Bremer.

    The U.S. has appointed a 25-member governing council
    that represents Iraq's diverse ethnic and religious mix,
    but the final say still rests with U.S. administrator Paul
    Bremer.

    Wolfensohn said the World Bank would offer Iraq
    assistance to help revive its war-battered economy at some
    point, but first wants to see a proper government and a
    constitution.

    The World Bank has not said when a cost estimate on
    Iraq's reconstruction is likely to be finished, saying one
    of the biggest constraints it is facing is security.

    "People invest where they have confidence both in the
    protection of their investment or the protection of
    themselves, which is a security issue. So the security
    issue is fundamental, it needs to be addressed. I believe
    from my discussions it is being addressed. But the
    straightforward answer is if people are worried about being
    shot, they are not very likely to make investments. So, the
    restoration of calm and the restoration of peace in the
    country is very important not just for the Iraqi people but
    it is a very
    important for the questions of investment, and it's not
    just international investment, I think what you should
    understand is that the major creator of jobs in any country
    is small and medium-size enterprise, it is local
    investment. And so you want to create an environment where
    local investors want to invest, and that too is an issue of
    security," Wolfensohn told journalists.

    U.S.-led troops have been struggling to restore order
    to Iraq and face daily attacks that have killed at least 50
    U.S. soldiers since U.S. President George W. Bush declared
    major combat operations over on May 1.

    Iraqis complain that since the formal end of
    hostilities, the U.S.-led authority has not done enough to
    restore security or basic services to Baghdad, where only
    half the telephones work and power outages occur daily.

    Iraq's government collapsed in April when a U.S.-led
    coalition invaded the country and toppled the regime of
    Saddam Hussein on April 9.

    Shortly after Saddam's ouster, Wolfensohn announced
    that the bank would help in the rebuilding of Iraq under
    U.N. auspices, but stressed it could only deal with
    governments recognised by the world body.


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