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Iraq to set up state investment bank

: Wednesday, January 29 - 2014 @ 00:00

The Iraqi cabinet has decided to set up a state-funded investment bank to help finance big infrastructure projects and steer money toward private sector companies which need it, Reuters has reported. “We need this [state-funded investment bank] to push forward the economy,” Sami al-Araji, chairman of the National Investment Commission, told the news service on the sidelines of a financial conference in Dubai. The new Investment and Development Bank of Iraq would receive 1% of annual state budget allocations over seven years under a proposal that will be sent to Parliament for approval, he said.

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Wednesday, January 29- 2014 @ 0:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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