The mission of the Task Force to Improve Business and Stability Operations in Iraq is to reinvigorate the Iraqi economy by restoring employment and creating prosperity for the Iraqi people through focused efforts in industrial revitalization, private sector development, foreign direct investment, global market access, and modernizing banking practices. Economic vitality is viewed as a cornerstone element of modern counter-insurgency doctrine, helping to reduce violence and improve security for U.S. servicemen and women and the Iraqi people.
In the news
Investors Attempt to Spur Iraq’s Private Sector
The Economist
April 16, 2009
IN 2005 on a dusty road in Tuz, Iraq, an American solder was killed by a roadside bomb. His fellow soldiers soon discovered that the assassin was no hardened terrorist, but an unemployed father of six who had been paid $200 to plant the explosive. Such situations are not uncommon in Iraq, where high unemployment spawned many “economic insurgents”—often unideological Iraqis in need of cash, who became easy recruits. It was, in part, in response to examples like this that a trio of former military officers created the Marshall Fund, a private-equity fund making only non-oil investments in smallish firms in Iraq.
Back From the Brink
Zawya.com / Banker Middle East
January 9, 2009
The man tasked with the difficult job of overhauling Iraqi industry is Paul Brinkley. In an exclusive interview with Banker Middle East, he told Mike Gallagher of the challenges he faces as the point man for investors in Iraq and what it takes to turn a ruined economy around in spite of the daily dangers that are a way of life in Iraq.
Want to Save Iraq? Invest.
Newsweek
by Paul Brinkley
December 31, 2008
The best way to stabilize Iraq is by helping its economy. And if America doesn't, others will. America faces a hidden enemy in Iraq—one often overlooked but arguably just as dangerous as the insurgency. This enemy fosters violence, inspires hate and undermines security; U.S. commanders estimate it may account for half of U.S. casualties suffered since the fall of Saddam Hussein. What is this lurking menace? Iraq's deep economic problems.
MasterCard Debit Card Services Introduced in Iraq
America.gov
December 23, 2008
The private banking sector in Iraq is introducing MasterCard Incorporated debit card services as the country's economic development shows signs of gaining traction, according to a senior U.S. Defense Department official in charge of business development in Iraq. “There is a vibrant private banking capability in Iraq. With the U.S. Treasury Department, we've automated and integrated 150 bank branches throughout Iraq that have complete linkage to international financial networks," Deputy Under Secretary of Defense for Business Transformation Paul Brinkley said at a recent seminar in Washington.
Economic Reconstruction in Iraq: Some Lessons for Planners and Practitioners
Panel Discussion Led by Paul Brinkley. U.S. Institute of Peace
December 16, 2008
The panel, led by Paul Brinkley who directs the Task Force to Improve Business and Stability Operations in Iraq (TFBSO), will assess the challenges faced in Iraq and provide recommendations for planners and practitioners. The panel will also explore the following questions: How do we balance peacebuilding, state-building and economic recovery? How do we measure success? Are the TFBSO lessons relevant beyond Iraq? How could we promote coordination and burden-sharing among international partners?
Link to event and audio recording
Fears of Instability Rise as Oil Prices Drop
USA Today
December 16, 2008
Plummeting oil prices may force Iraq's government to slow ambitious reconstruction plans, and the country could face a budget shortfall by next summer, U.S. and Iraqi officials said. "We're in a situation where Iraq is … potentially going to be in a deficit mode next year," said Paul Brinkley, who leads Pentagon efforts to aid Iraq's economy. The trend worries U.S. officials who say a strong economy is needed to lock in the security gains made over the past year. "The long-term stability of the country heavily depends on a vibrant economy," Brinkley said.
Iraq's Banking Renaissance
CPI Financial
November 21, 2008
The Task Force to Improve Business and Stability Operations in Iraq (TFBSO), a part of the US Department of Defense, sought to leverage US government spending in Iraq to build the capacity of the private banking sector and move cash off the streets and into banks. The United States spends nearly $10 billion a month on supplies and support for their operations in Iraq. The Iraqi First Initiative, was devised to help revitalise the Iraqi economy by driving United States government spending to capable Iraqi vendors. It requires that Iraqi vendors of services and supplies be used whenever possible, and that payments to these vendors must be conducted via EFT (electronic funds transfer), thereby requiring vendors to open accounts with private banks that offered EFT services in order to receive payment on their invoices. Kris Haag, the director of the TFBSO Banking and Financial Networks Team said, "We set out to use DOD spend to get Iraqi vendors into banks. Our approach was to build up account and deposit bases so that lending would come more easily. The program really helped the private banks regain a foothold in the Iraqi banking sector."
Autodesk and CDW Government, Inc. Partner to Revitalize Iraqi Manufacturing Industry
International Business Times
November 11, 2008
Autodesk, Inc. (NASDAQ: ADSK) and CDW Government, Inc. (CDW-G) today announced they have partnered with the U.S. Department of Defense (DoD) to provide software and hardware solutions to the Iraqi-based manufacturing firm Heavy Engineering Equipment State Company (HEESCO). The technology provided by Autodesk and CDW-G will help HEESCO's engineers bring their technology infrastructure up-to-date, enabling more efficient design and production of commercially used electromechanical industrial equipment and contributing to the Iraqi government's articulated goal of transitioning the Iraqi economy from a state-owned to an open-market model. The DoD's decision to assist in providing the software and hardware came after an evaluation of 57 Iraqi businesses that were considered best suited to help the country achieve long-term economic growth and stability. The project was sponsored by the Task Force to Improve Business and Stability Operations in Iraq, which works to reduce unemployment and bolster the Iraqi economy.
Signing generates business opportunities in Iraq
Multi-National Division – Center PAO
October 1, 2008
Cummins Incorporated signed a letter with representatives from the Iskandariyah Industrial Complex Sept. 29 to potentially bring a power-generator repair facility to Iraq's Babil Province. "This operation will certainly help in some small rate to diversify the local economy, will put some people to work and will be another small step toward the rebuilding of Iraq," said Dessis Heathfield, managing director for Cummins' Middle East Distribution department.
CSC expands electronic banking services into Iraq, offers MasterCard products through new Iraqi banking consortium
CreditCard Services Company S.A.L. Press Release
September 14, 2008
CSC SAL announces that it will expand into Iraq. CSC will work with a newly formed banking consortium in Iraq, AMWAL for Electronic Banking Services, LLC, to provide MasterCard branded debit and credit cards to Iraqi consumers. The introduction of electronic banking products, like point of sale devices, debit and credit cards, will provide Iraqi consumers with a reliable and secure way to access and utilize their personal funds.
Investment opportunities in Iraq
Chicago Tribune, by Thomas J. Pritzker, William H. Strong and Stephen R. Wilson
September 9, 2008
An improved security and political climate in Iraq—while still fragile—is creating conditions for a market economy that could represent a significant long-term opportunity for U.S. investors. And if Iraq assumes a position of economic significance in the region, as we believe it will, it is very much in the interests of the American business community to begin establishing strong economic ties now.
New 5-Star Hotel for Baghdad
Newsweek Blog
July 22, 2008
Two men, one American, the other Iraqi, daubed wet cement on a short stack of limestone bricks and laid the cornerstone for what is to be the first new five-star hotel in Baghdad since the days of Saddam Hussein. A couple dozen people standing in 115-degree heat on a parched piece of land near Zaitun Street and Al Qadisiya Highway, just inside the International Zone, watched the tableau. Most of them understood that the ceremony was a symbol of Iraq's accelerating efforts to transition to life beyond wartime. And the developer's representative spelled it out for those who might not have gotten the message. "This project will be a signal that will go out all over the world that the economy of Iraq is ready for investment," declared Robert K. Kelly, CEO of Delaware-based Summit Global Group.
Iraq says new hotel to be investment milestone
Reuters
July 19, 2008
A U.S.-based investment group laid the foundation stone for a $100 million luxury hotel in Baghdad on Saturday, a move Iraqi officials said showed the country was open for business with violence at a four-year low. The five-star Baghdad Two Rivers hotel project -- in the heart of the capital's fortified government and diplomatic Green Zone -- was the first business proposal to be licensed by Iraq's new National Investment Commission.