Trade Bank of Iraq has announced a loan amounting to 1 trillion Iraqi dinars for the state-run Grain Board of Iraq affiliated to the Iraqi Ministry of Commerce.
The loan is an effort to help Iraqi farmers for clear their dues and payments in accordance with the announcement made by the Iraqi Prime Minister recently under the government’s strategy aimed to support the Iraqi economy.
This initiative which supports the agricultural sector is aimed at enhancing the production capacity and contribute to the sustainable development of the sector which constitutes a fundamental pillar of the Iraqi economy.
The loan is a new step within TBI strategy to support state institutions as part of its commitment to support both public and private sectors and to support sustainable development aimed to help the national production in Iraq.
The bank, which was established in 2003, has grown successfully over the last years and has achieved success steadily through the years. The bank was recently recognized at the Achievements Forum Milan 2019 and was ranked number one for their BIS Capital Ratio in the world by UK’s ‘The Banker’ magazine.
Earlier this year, the bank opened its first international branch in Saudi Arabia followed by the opening of its new headquarters in Baghdad on Al-Rasheed Street/
The bank recently also transferred over 95 million USD, 50% of their net profit for the year 2018, to State Treasury to support and strengthen the economy of Iraq.
As TBI moves forward with its strategic plan that will take the bank up to 2022, it continues to play a pivotal and influential role in Iraq’s ongoing recovery and regeneration.