An Iraqi Economist said on Thursday that the Central Bank began to reduce interest rates by approximately six percent for loans and four percent for bank deposits, to encourage investments in the country, after a series of robberies that took place recently on Iraqi banks. The expert said: "This shift reflects a new policy of […]
Before launching his war to topple Saddam Hussein's regime, George Bush, the former US president, promised a strong independent Iraq. Instead the country has become a bloody battleground for regional and international forces, not to mention al-Qaeda. Today US, Israeli, Turkish, Saudi Arabian and Syrian forces compete to shape Iraq's political landscape. Sometimes this competition is fought […]
The General Company of Iraqi Ports is seeking investment in the new container port in Umm al-Qasr, in Iraq’s southern province of Basra, according to a report from AK News. “The international and local companies that have shipping lines specialized in container transportation must offer their investments to create, manage and operate the new containers […]
According to a report from AK News, the Iraqi government is planning to borrow $5 billion from the World Bank to fund its 2010 general budget deficit, Iraq’s acting Finance Minister said Wednesday. Iraq’s budget for 2010 is suffering a deficit of IQD23 trillion Iraqi dinars [approx $19bn] which the government is planning to narrow […]
The Basra Provincial Council has allocated an additional ID300 billion [$250m] to rehabilitate the power network in Basra. “This is a temporary and quick solution for the power problem in Basra,” the council’s head told Aswat al-Iraq news agency on Wednesday. He noted that agreements have been obtained to construct four new gas-driven power stations […]
HSBC has said that it is “remarkably bullish on Iraq” and expects bank profitability in the country to increase by 100 times within 10 to 20 years, Bloomberg has reported. “There is more lending activity as the economy gets stronger,” James Hogan, country manager of HSBC Holdings said. HSBC entered the Iraq’s post-war banking sector […]
