Iraq welcomes JP Morgan's expansion in the country
Shafaq News / Iraq's Prime Minister, Mohammed Shia al-Sudani, has announced on Thursday Iraq's willingness to welcome branches of JP Morgan Chase & Co., urging the global bank to continue supporting the Central Bank of Iraq and the Agricultural Bank.
According to a statement released by Al-Sudani's media office, he received a delegation from JP Morgan, including the Deputy Director Daniel Zeliko, and the Director of the Public Sector Group in the Middle East, Ghali Laraki, in Baghdad.
During the meeting, they discussed support for the banking sector, the Central Bank of Iraq, and the private sector.
The discussions also focused on international trade, risk management, and expanding non-oil revenues, which are among the top priorities of the government and its financial and administrative reform plans. The Prime Minister mentioned JP Morgan's role in establishing the Trade Bank of Iraq (TBI), which serves as Iraq's commercial banking window to the world, stating that Iraq is on the verge of significant reconstruction in all sectors.
He welcomed the idea of opening JP Morgan branches in Iraq and affirmed his full support for international banks operating in the country, and emphasized that these banks form the basis of the banking system, providing guarantees for investors. He specifically singled out JP Morgan for its continued support of the Central Bank of Iraq and its efforts in developing the Industrial Bank to be equipped for development and investment, similar to what had been done with the Trade Bank of Iraq.
Al-Sudani affirmed that the government is committed to reforming Iraq's banking system, both public and private sectors, correcting the flow of money, supporting international trade, and halting money laundering operations by adhering to and improving international standards.
He also highlighted that the government has put in place a three-year budget, which is a first in Iraq, and that this budget will support the private sector through the Iraqi Development Fund or through agricultural and industrial projects.
