Iraq to set up state investment bank

January 29, 2014 12:00 am

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.