Iraqi economy data in World Bank bulletin

Iraqi economy data in World Bank bulletin

VOI - [2/6/2008]

For the first time in 30 years Iraqi economy statistics and data will be published in a periodic bulletin released by the World Bank, an Iraqi central bank statement said on Tuesday.

tatistics on Iraqi economy will be published in a periodic bulletin issued by the International Monetary Fund (IMF) as of early March 2008, according to the statement.

"For the first time since 1977 Iraq has reached an advanced level of progress with regards to the proliferation of macroeconomics information, after it had blocked the international community's access to useful data for over 30 years," read the statement.

"The publication of these data opens the door to a new era of integration into the international community and ranks Iraq high on international development assessment and transparency…," it added.

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$82 million for land bank to increase its loan facilities

$82 million for land bank to increase its loan facilities

VOI - [2/17/2008]

he Iraqi Ministry of Finance will grant the Land Bank $82 million in a bid to boost its loan facilities, the finance minister said on Sunday।

"Minister Baqir Jabr al-Zubeidi ordered that 100 million Iraqi dinars (1 U।S. dollar=1,223 Iraqi dinars) be given to the Land Bank to increase its ability to grant loans," according to a ministerial statement.

he statement was issued following the minister's meeting with a number of ministerial advisors, Iraqi bank directors and Baghdad governor।

During the meeting, the minister called on the bank to expand its land loans to citizens and gave instructions for the formation of a committee headed by the general inspector and director of the Land Bank and al-Rasheed Bank, in addition to legal experts, to develop a plan for the establishment of a residential compound for the ministry's employees।

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Trade Bank of Iraq Aims to Offer $7.5 Billion in Credit in 2008

Trade Bank of Iraq Aims to Offer $7.5 Billion in Credit in 2008

Bloomberg - [2/15/2008]

Trade Bank of Iraq, established in 2003 to finance trade and help in the reconstruction of the country, plans to issue about $7।5 billion in letters of credit this year, its chairman said.

he amount compares with the $6।3 billion offered last year and the $25 billion granted since 2003 by the bank, President and Chairman Hussein al-Uzri said in an interview at the Dead Sea in Jordan late yesterday.

The credit lines will be offered to ``importers of food stuffs, other vital commodities and imports for power equipment, the oil sector and other infrastructure projects,'' al-Uzri said।

Iraq, which is the holder of the world's third-largest oil reserves and exports about 1।7 million barrels a day, derives 95 percent of its income from oil production, al-Uzri said. The country imports about $3 billion in oil products a year ``because of the lack of refineries and other downstream facilities.''

Trade Bank of Iraq was involved in the financing of a 500 megawatt power plant in the northern Iraqi city of Erbil, which will begin operating in March this year, al-Uzri said।

he bank wants to ``expand from trade finance to more project finance and participate in major projects in the country and be one of the conduits for foreign investment in Iraq,'' al-Uzri said।

Iraq has an estimated 115 billion barrels of proven oil reserves, behind Saudi Arabia and Iran, according to BP Plc figures।

The Middle East and North Africa region account for about 35 percent of Iraq's imports, Europe represents as much as 30 percent and the U।S. and Asia account for the rest, according to al-Uzri.

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