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


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