Iraqi Rasheed Bank plans local branches

Countries seek enhanced financial cooperation

Iraq held negotiations with the Central Bank (BDL) to discuss opening local branches of the state-owned Rasheed Bank. Although state-owned, the Rasheed Bank could offer private banking services and products in Lebanon, including retail and corporate loans.

The Ministry of Finance will offer the required support and hold training sessions in all required fields.

Iraq and Lebanon are seeking enhanced financial and banking bilateral cooperation through mutual investments. Iraqi businesspeople already have great financial and investment activities in some Arab Countries. “We could see the opening of new Iraqi private banks in Lebanon if Baghdad’s banking system improves its regulations and capacities,” said Antoine Constantine, political consultant at the Ministry of Finance. “Iraqi businessmen have great financial capabilities worldwide. They could increase deposits and finance projects in Lebanon,” he said.

An Iraqi delegation, headed by Iraqi acting Finance Minister Ali Al-Shukri, requested technical assistance to develop Iraq’s customs and banking systems, as well as the country’s budget.

“Iraq relies heavily on oil to grow its economy, so it is looking for new sources of revenues, including customs,” said Constantine. “Although our capabilities are not highly advanced in this field, they are sufficiently developed to provide adequate technical assistance.”

Reported by Leila Rahbani