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USAID Awards Economics Contract for Iraq

WASHINGTON, DC 20523
PRESS OFFICE
http://www.usaid.gov/
Press: (202) 712-4320
Public Information: (202) 712-4810

2004-083

FOR IMMEDIATE RELEASE
September 20, 2004

Contact: USAID Press Office

WASHINGTON, DC - The U.S. Agency for International Development (USAID) announced a $20 million award to BearingPoint, Inc, headquartered in McLean, Virginia, to develop and implement international economic practices aimed at improving economic governance in Iraq and developing a policy-enabling environment for private sector-led growth in the country.

The three-year contract is expected to assist in reforming tax, fiscal and customs policies as well developing an IMF acceptable monetary policy through building the capacity of Iraq's Central Bank. Under the terms of the contract, BearingPoint will also assist the Iraq Ministry of Finance to develop a modern, well regulated banking sector. BearingPoint will also work with the Ministry to create an environment that promotes private sector-led growth through housing finance reforms and commercial law and institutional reforms.

The company's work with USAID in Iraq will increase the capacity of the Iraqi Electricity Industry by helping the industry adopt international best practices and move towards becoming a more commercially entity and away from State subsidies. They will also provide technical assistance to the Iraqi Communications Industry, allowing them to develop a policy framework and regulatory environment which encourages the development of a reliable cost-effective telecommunications industry and foster private sector participation.

The Economic Governance contract is part of the U.S. government reconstruction assistance to the Iraqi people aimed at improving stability, ensuring the delivery of essential services, and facilitating economic recovery. For more information on USAID's humanitarian relief and reconstruction efforts in Iraq please visit http://www.usaid.gov/iraq.

The U.S. Agency for International Development has provided economic and humanitarian assistance worldwide for more than 40 years.

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