Mega International Banks Slipping into Iraq Since 2013
The J, the P, and the Morgan have slipped into Iraq without a lot of media coverage, alongside Citigroup and Standard Chartered, to expand business in Iraq. JPMorgan has been instrumental in helping Iraq with the Trade Bank of Iraq, TBI, to finance imports of goods and services. This is a sure sign that the IQD is on the path to greater value.
In June of 2023, a delegation from J.P. Morgan Bank, including Daniel Zelikow, Vice Chairman, and Ghali Laraki, Head of MENA Public Sector Group, met with Iraqi Prime Minister Mohammed S. Al-Sudani.
The meeting, Iraq's banking sector, the Central Bank of Iraq (CBI), and the private sector were discussed, as well as international trade, risk management, and expanding non-oil revenues.
The Prime Minister recognized J.P. Morgan Bank's contribution to the establishment of the Trade Bank of Iraq (TBI), growing international commerce in Iraq. This occurred in 2003.
He gave his backing for J.P. Morgan Bank opening branches domestically and expressed the government's willingness to help outside banks doing business in the country. Additionally, he highlighted the need for continuing assistance for both the Central Bank of Iraq and the Industrial Bank, with a view to transforming them into competent investment & development institutions similar to TBI's achievement. (We are thinking, based on the information, that JP Morgan will now be opening branches in Iraq. Translation from Arabic to English is not always perfect.)
The Prime Minister highlighted the reforms of Iraq's banking system, covering both public and private sectors, targeting fund movement problems, enhancing global trade, and tackling money laundering in accordance with international standards. He also noted the milestone of a three-year federal budget - unprecedented in Iraq’s history - for supporting the private sector through such initiatives like the Iraqi Fund for Development and various industrial and agricultural projects.
Mr. Mohammed S. Al-Sudani met today with Mr. Daniel Zelikow, Vice Chair, and Mr. Ghali Laraki, Head of MENA Public Sector Group, from J.P. Morgan Bank.
At the meeting, Prime Minister Mohammed S. Al-Sudani and the J.P. Morgan Bank delegation discussed various topics, including support for Iraq`s banking sector and the Central Bank of Iraq and the private sector. Risk management, international trade, and revenue expansion through financial and administrative reforms were also covered in their discussion. The Prime Minister gave recognition to J.P. Morgan Bank's contribution to creating the Trade Bank of Iraq (TBI), which acts as a gateway to foreign trade for the country. He also highlighted Iraq's large-scale reconstruction initiatives planned for all areas of industry.
The Prime Minister welcomed J.P. Morgan Bank's decision to open branches in Iraq and reiterated the government's commitment to backing international banks that operate there, which is paramount to ensuring investor confidence and reinforcing the banking sector. Furthermore, he also called for ongoing assistance for the Central Bank of Iraq and the improvement of the Industrial Bank so it can become a successful development and investment institution, mirroring what was achieved by the Iraqi Trade Bank before.
Mr. Al-Sudani underscored the government's continual progress toward reforming Iraq's banking system, including the public and private components. These changes are projected to facilitate fund movement, raise global trade, and abide by international regulations that address money laundering. To further support the private sector, Mr. Al-Sudani proudly proclaimed the accomplishment of a three-year federal budget, which is a milestone in Iraq's history. This budget will contribute to the Iraqi Fund for Development as well as various agricultural and industrial projects.
