13/07/09 13: 37
Preparing bank JPMorgan (JPMorgan) US market entry of Iraq as the second largest oil exporter within the OPEC States through entry specific agreement for one year with the Trade Bank of Iraq to finance shipments of imported goods and services to Iraq.
A Sachs investment of bank statement, informed him, (range), the "Bank (JPMorgan) will be on site to provide assistance to the commercial bank of Iraq at the opening of letters of credit in the country.
Bank JP Morgan has previously provided assistance to the commercial bank of Iraq to finance shipments of imports required for the country during the campaign for the country's reconstruction of the post-war period.
And it has the fifth-largest oil reserves in the world, Iraq after a period of warfare and neglect hastened to launch reconstruction and modernization of the infrastructure of the oil sector, where Brown had access to 3.2 million barrels per day in June 2013, and aims to raise its production to more than 3.5 million barrels a day by end of 2013.
According to the International Monetary Fund IMF, is expected to reach annual economic growth rate of Iraq to 9%, plus the increase in Iraqi oil exports and the decline in lending interest rate from 17% to 6%, it is essential to strengthen the country's plans in the process of economic and trade expansion.
Since 1990 until 2003, foreign banks were prohibited from doing business in Iraq, following the fall of Saddam Hussein's regime allowed foreign banks to work in Iraq.
According to information published on the website of the Central Bank, an international bank proceeds currently 15 activities in Iraq, including the giant banking companies like Citigroup, American standard chardrd Bank lending.