Trade Bank of Iraq hosts dialogue with Iraqi Private Banks League on achieving economic growth
Trade Bank of Iraq hosts dialogue with Iraqi Private Banks League on achieving economic growth
Baghdad, November 23 2020: The Trade Bank of Iraqi (TBI) in partnership with the Iraqi Private Banks League held a dialogue session on the national bonds issued by Iraq’s Ministry of Finance.
The session aimed to keep pace with the reforms being undertaken by the Iraqi government, to advance the economic reality to achieve sustainable financial stability. The session also seeks to attain macroeconomic reforms and to provide essential services.
During the session, several important topics were discussed, including the method for offering financial bonds with attractive interest to attract individual and institutional investors both within and outside the traditional markets.
The session also explored with the prospect of offering these bonds in the Iraqi Dinar and US dollar currencies with different lengths of time for the bond to provide more options for investors.
During the session, Dr Salem Jawad Chalabi, President and Chairman of the TBI, said: “This step comes at the back of TBI’s involvement in the economic reforms being undertaken by the Iraqi government.
“Through constructive dialogue with members of the Iraqi Private Banks League, we discussed various options for offering these bonds. A large part of the funds generated will be directed to support the infrastructure development and boost the private sector. As we emerge from the COVID-19 pandemic, it is vital to find new opportunities for potential collaborations and partnerships.
“The aim is to address the fiscal deficit and provide cash liquidity that contributes to securing the salaries of employees and retirees. “
TBI was established in July 2003 with the aim of helping the reconstruction of Iraq by facilitating international trade and continues to be at the forefront of large-scale infrastructure developments across the country.
The institution’s financial network and expertise play a significant role in sourcing and securing funding for projects that will benefit the Iraqi people for generations to come.
Social responsibility for the nation is a central of the bank’s vision, plans and policies for sustainability. TBI continues to play a pivotal and influential role in Iraq’s ongoing recovery and growing Iraqi economy to improve all aspects of life in the country.
The bank has participated in reconstruction projects, with total loans of more than 3 billion US dollars allocated during the past year alone to support government institutions and agencies.
TBI is making great strides towards reaching its strategic goals both in business and in assisting the ongoing reconstruction of Iraq as it continues to define its reputation as a competent institution with access to global financial networks.
The bank opened its first branch outside Iraq last year in Riyadh, Kingdom of Saudi Arabia, and intends to upgrade its representative office in the Abu Dhabi Global Market to enable it to carry out consultations and manage investments.
ENDS
About Trade Bank of Iraq (TBI)
The Trade Bank of Iraq was established in 2003 and is the top commercial bank in the country. The bank holds approximately 80% of the trade finance business in Iraq and ranked 1 among Arab banks in terms of cost to income ratio and 319 globally in terms of Tier 1 capital. It has established 26 branches across Iraq, offering a wide range of banking services to all customers including companies, individuals and government institutions to widen its customer base and expand into new markets.
