Trade Bank of Iraq

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"In July [2003], a consortium of about a dozen private banks led by J.P. Morgan was awarded a contract to provide letters of credit to companies looking to do business in Iraq via its newly formed Trade Bank of Iraq, which for now is being run by the private banks themselves."[1]

The Trade Bank of Iraq opened its doors in November, and by the end of January over 200 Letters of Credit worth over $190 million were issued by the bank and its international consortium. The Trade Bank was formed to help Iraq import equipment and critical supplies. A group of major international banks make up the operating consortium. The Trade Bank is already helping Iraq to reintegrate into the global economy.

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