Country: Iraq
Duration: 2021-2023
Themes: Strengthening the Business Enabling Environment
Cross Cutting Themes: Gender
Anticipated Impact Areas: Quality Jobs, Private Investment
The Challenge
Dispute settlement and investor grievances top the list of challenges to investment retention and expansion in Iraq, with the lack of modern and up-to-date arbitration law adding another problematic layer. Acknowledging these challenges, of Iraq has made efforts to enhance the country’s investment protection environment and create a more conducive investment climate. The Iraqi Parliament has passed, along with a presidential decree, the approval of Iraq’s accession to the New York Convention. In view of this, the cabinet of ministers also passed the Arbitration Law draft which will be submitted to Parliament for approval.
The Mission
Through a C-JET funded grant implemented by the World Bank, Iraq’s accession to the New York Convention on the Recognition and Enforcement of Arbitral Awards has entered into effect. The grant will provide further support through technical assistance on implementation and assist in developing and disseminating a national and international awareness campaign on the accession. The grant will also support the finalization of the new Arbitration Law and provide capacity building for public servants. Through these activities and more, this grant aims to help facilitate the retention of private and foreign direct investments in Iraq and help create jobs and increase employability.