The International Islamic Finance Forum is a business to business event for the world’s fastest growing financial sector set for September 29th in Istanbul, Turkey.
With a potential $59 billion economy, oilfields second only to Saudia Arabia, the topic was a discussion on methods to assist Iraq in returning to financial and commercial stability and growth.
A consortium of more than a dozen international banks has been organized to operate a newly-created Trade Bank of Iraq, operations to began this month.
The Trade Bank will begin with capital of $100 million authorized by the UN Iraq Development Fund. It will be able to offer payment guarantees on purchases negotiated by the Iraqi government.
Without such guarantees, Iraq will be unable to supply the food, equipment and machinery it needs for reconstruction.