NEW DELHI (Reuters): intends to Trade Bank of Iraq launched a fund for direct investment of $ 500 million to invest in the projects in war-torn country and will discuss next month for an investor to be a partner of an international year of the Fund.
Azri said Hussein, President of the Bank and its board chairman, that the bank intends to launch the Fund this year and that he will invest in medium-sized projects in sectors including oil services, power and hotels.
The bank, which was established in 2003, also to open branches this year in London, Beirut and plans to eventually open branches in North America and East Asia and perhaps in China within the framework of Iraq sought to attract investment to finance reconstruction projects.
Azri said during an interview, “Iraq would need a significant investment in infrastructure .. in housing, oil, electricity, and this will require capital investment in the country and we are counting on the participation of the private sector, whether Iraqi or foreign.”
Said a senior government official told Reuters last month that Iraq is expected to increase private investment tripled to reach $ 30 billion this year.
In general, Iraq needs investments worth 600 billion dollars for reconstruction in accordance with the National Commission for Investment.
Azri said that the Trade Bank of Iraq before more of its products beyond the trade finance and plans to open eight new local branches this year as well as 15 branches in place.
The bank’s assets amounted to $ 15 billion by the end of 2010, the Bank intends to lift the level of about 15 percent this year. The bank made a net profit of $ 386 million last year and looks forward to increase 20 percent this year.
Azri, who refused to participate in the global banking conference in the Indian capital, naming the companies chosen to assist in the management of the Fund is planned. The Fund will seek to raise money from investors.
“We want the party to enjoy worldwide recognition, of course, at the same time be prepared to invest time and money in Iraq.”
“We want to ensure that it be strategic for them … and they want to come and engage people and make the time.”
Security remains a concern for investors in Iraq and the headquarters of the Trade Bank of Iraq for the devastating bombing last year.
But Azri said that the promotion of investment in Iraq is much easier than it was in the period from 2005 to 2007. “It comes to us visitors from the outside almost every day.” He added that once the adoption of the privatization law, the bank plans to invite investors to buy a minority stake but is likely to invite foreign strategic investor.
The Currency Newshound 