Iraqi Banks Too Small for Major Projects

Iraqi banks are too small to be useful to international companies, resulting in major investment projects being impeded, Iraqi Electricity Ministry Spokesman Musab al-Mudarres told AKnews on Tuesday.

“Iraqi banks cannot provide financial guarantees to foreign companies because their capital is below the guarantees expected by corporations”, he said.

“The Ministry of Electricity has submitted a request to the Council of Ministers about the need to facilitate banking transactions involving well-known foreign banks in the guarantees.”

(Source: AKnews)

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