JP Morgan Chase to run Iraqi Trade Bank

The US-led occupation authority in Iraq has named a consortium led by US bank JP Morgan Chase & Co. to operate the Trade Bank of Iraq.

    The bank will help Iraqi agencies make big-ticket purchases using letters of credit

    Peter McPherson, director of economic development for the provisional authority, announced the selection of JP Morgan's group over five other competitors to operate business estimated at $100 million a month initially.

    The Trade Bank was created in July to make it possible for Iraqi agencies to make big-ticket purchases using letters of credit.

    But McPherson added that the Trade Bank will not be handling oil revenues.

    On Thursday the US Export-Import Bank approved a $500 million loan insurance programme to support sales of US agricultural goods, equipment and other products to Iraq.

    It came one day after President Bush lifted restrictions on Export-Import Bank operations in the country.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Take a tour through divided Jerusalem

    Interactive: Take a tour through divided Jerusalem

    Take a tour through East and West Jerusalem to see the difference in quality of life for Israelis and Palestinians.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.