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From SourceWatch

"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.

Related SourceWatch Resources

• ANZ Bank
• banking
• Coalition Provisional Authority
• Iraqi Central Bank
• Iraqi Governing Council
• New Iraqi currency
• Post-war Iraq
• Reconstruction of Iraq funding
• Restructuring and reducing Iraq's official debt
• Transitional Iraqi Government

External links

• 16 Nations OK Iraqi Reconstruction Deal, AP, December 5, 2003: "On Friday, government credit agencies such as the U.S. Export-Import Bank, the U.S. Overseas Private Investment Corp., Italy's SACE and Australia's EFIC committed more than $2 billion to insure the loans."
• Ex-Im Bank Provides $500 million in support of Trade Bank of Iraq. U.S., 15 other nations provide total of $2 billion for Iraqi trade bank, U.S. Department of State, December 8, 2003.