It said that the authorization will facilitate investments in Iraq from the UAE.
Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
Iraq has said it owes $25.5 billion in reparations, with $24 billion due to Kuwait alone. Iraq is seeking to reduce the amount of annual oil revenue it sets aside for war reparations, primarily to Kuwait, by 80 percent.
Basra’s Governor Shaltagh Abboud al-Mayyah said on Sunday that he discussed with the Dutch company IPS means of launching investment ventures in the southern Iraq city.
Iran’s Parsian and Karafarin banks have been granted permits by the Iraqi government to open branches in Baghdad – Iran is the main trading partner of Iraq and has been one of the largest investors in Iraq since the fall of Saddam.
UN Secretary-General Ban Ki-moon on Friday said Iraq must continue to pay five percent of its oil proceeds into the Compensation Fund even if arrangements for the successor Development Fund for Iraq (DFI) are in place and Iraq stated its commitment to settle all debts inherited from the Saddam regime.
Iraq’s Finance Ministry Undersecretary, Fazil Nabi, has announced on Sunday that the International Monetary Fund (IMF) is going to push Iraq forward in order to shift into a “private sector” system, in order to grant it a loan to cover the deficit into its state budget.
The World Bank Group’s Board of Executive Directors today approved a US$250 million Development Policy Loan to the Government of Iraq.
The 2010 budget is for $71.29 billion and the second largest amount since Iraq regained its sovereignty in 2005. A breakdown of spending shows that operational spending, which goes towards salaries, pensions, and the food ration system is – again – almost ¾ of the budget, and that electricity appears to be the priority of […]
The Iraqi government has called on Kuwait to end the debts discussion ongoing since the invasion of the former regime in August 1990.
Bloomberg reports that the Iraqi Central Bank cut its key interest rate by one percentage point to 6%, to boost economic growth as inflation slows, according to figures posted on the bank’s website. The country’s real growth in gross domestic product probably slowed to 4.3 percent in 2009, from 9.5 percent the previous year, as […]
The Trade Bank of Iraq (TBI) has doubled the maximum value of Letters of Credit it allocates to the private banking sector in Iraq. Last year alone 945 Letters of Credit were allocated to private banks, at a value of approximately $500m. The total number allocated to private banks by TBI is 2,446, at a […]
The governor of Basra has met with the Turkish consul to discuss possible investment opportunities in the province, an official statement said on Tuesday. The meeting was also attended by members of a Turkish association, according to a statement released by the governor’s office and received by Aswat al-Iraq news agency. The visit aims to […]