Al-Kadhimi: Iraq's nascent democracy copes with political challenges 

Shafaq News/Iraq's caretaker Prime Minister Mustafa al-Kadhimi said that Iraq's nascent democracy is coping with political hurdles and calls for establishing a regional bank for "development and integration". 

"Iraq supports the approach of dialogue and negotiation to remove nuclear weapons from the region and make it a safe area," said Prime Minister al-Kadhimi addressing the Jeddah Security and Development Summit. 

Al-Kadhimi attached importance to "finding a comprehensive, just, and lasting solution to the Palestinian cause, in a way that meets the aspirations and legitimate rights of the Palestinian people, and the need to stop all hostile measures, violations, and attacks against them."

"Iraq reiterates that resolving the conflict on the basis of international legitimacy resolutions is the only way to achieve stability in the region," he added. 

"Iraq supports the Yemeni armistice as a productive beginning to end the Yemeni crisis and restore stability, and supports the international and regional initiatives aimed at ending the conflict." 

"Iraq also supports the regional and international efforts aimed at resolving the Syrian crisis, addressing its consequences, stopping its humanitarian suffering, and senseless war." 

"Iraq reiterates its solidarity with Lebanon in order to overcome its political and economic crisis and to build bridges of dialogue and cooperation in order to restore stability to the country." 

"In the context of environmental cooperation between brothers, I would like to mention that Iraq despite being an important oil producer but our economic lifeline increases our environmental challenges. Therefore, we are working quickly to use the gas that is flared in oil fields, and we are expanding the scope of investment in alternative energy."

"Our countries, where younger generations constitute the largest proportion, face the additional challenge of understanding their needs who are eager for progress and achievement and have aspirations to fulfill their potential and transform crises into opportunities."

"In this context, Iraq also proposes the establishment of the Middle East Bank for Development and Integration in partnership with the countries of the Gulf Cooperation Council, Egypt, and Jordan," he continued, "this Bank will focus on sustainable regional development by financing infrastructure projects that will help link the economies of the region."

"The Bank will prioritize the regional electricity networks, oil and gas pipelines, highway networks, ports, airports, and heavy industries with a large regional market and it will finance projects in the field of water resources management, desertification, and mitigating the effects of climate change."

"Finally, we wish this summit to achieve its desired goals in the service of our countries, and we wish that we meet always to build a better future for the peoples of the region," al-Kadhimi concluded.