JP Morgan expands its business in Iraq

Posted by on Oct 27, 2013 | Leave a Comment

Preparing JP Morgan Bank (JPMorgan) American enter the Iraqi market as the second largest oil exporter in the OPEC countries and through specific access to the Convention for one year with the Trade Bank of Iraq to finance shipments of imported goods and services to Iraq.

And the transfer of the site Sachs stock and investment statement issued by the bank and seen it, (Presse term), “The Bank (JPMorgan) will be in a position to provide assistance to the Commercial Bank of Iraq to open the adoption of more books in the country.

The bank JP Morgan has previously provided assistance to the Commercial Bank of Iraq in finance shipments imports required for the country during the campaign the reconstruction of the country for the period after the war.

Conveniently contains the fifth largest oil reserves in the world, Iraq, after a period of war and neglect, was quick to launch an initiative reconstruction in the country and modernize built the oil sector infrastructure in terms contributed to the arrival of its production to 3.2 million barrels per day in June 2013, and aims to raise its production to more than 3.5 million barrels per day by the end of 2013.

According to the IMF, it is expected to reach annual economic growth rate for Iraq to 9%, In addition, the increase Iraq’s oil exports and falling interest rate lending from 17% to 6%, it is considered a key factor to promote the
plans of the country in the process of expanding trade and economic .

Since the previous limit of 2003, foreign banks were prohibited from business in Iraq, however, after the fall of Saddam Hussein’s regime allowed foreign banks to operate in Iraq.

According to information published on the site of the Iraqi Central Bank, the 15 international bank proceed now his commercial activities in Iraq, including banking giants as Citigroup bank lending and U.S. Bank Standard British Charter.

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