Important Meeting of Iraqi Private Banks Association in Washington

A delegation from Iraqi banking sector met with a number of banks and financial institutions operating in the U.S. Both sides discussed about opportunities and cooperation between the two countries. The Association of Iraqi Private Banks issued a statement that an Iraqi delegation of 17 private banks, including Rafidain, industrial banks, the executive director of the Iraqi Private Banks Association Ali Tariq, and the advisors from a number of Associations arranged a meeting with an American delegation from the American Center for Strategic Studies in Washington, DC. The statement indicated that the officials from the U.S Treasury, the OPEC Foundation, the American Banks, the American financial institutions, and a number of employees from the U.S Embassy joined the meeting. Both sides discussed the economy of Iraq and current challenges that are being experienced to the Iraqi economy. They also discussed about the development in the banking sector of Iraq, especially during the last 5 years.

Important Meeting of Iraqi Private Banks Association in WashingtonBoth sides stressed to strengthen cooperation with foreign and Arab banks. They discussed on the plans for reconstruction in the Iraqi liberated areas and development in the Iraqi oil sector. The representative of the U.S Center for Strategic Studies, Dan Randy chaired the session. He indicated that the global media presented a negative image of Iraq over the past several years. it significantly prevented the participation of foreign companies to work in the different sectors of Iraq. He pointed out that Iraqi market has been considered a wonderful opportunity for investors from all around the world, especially from the United States. The Executive Director of the Iraqi Private Banks Association, Ali Tariq said the development in the Iraqi banking sector witnessed the challenges experienced during the current period of time. In spite of the overall condition in the country, the banking work is continuously improving. He added that Iraq is looking to decrease cash in life transactions and there are a number of projects operated by the Iraqi Private Banks Association in participation with the Iraqi Central Bank.

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