ANZ to help rekindle trade in Iraq
(Australia) ANZ has been chosen to take part in a JP Morgan Chase-led consortium to assist the setting-up of the Iraq Trade Bank.
The aim of the bank is to provide financial services to facilitate and encourage international trade as Iraq attempts to get back on its feet economically.
ANZ managing director, Trade and Transaction Services, Mark Paton said the bank already had extensive experience in providing trade finance support to Australian and New Zealand businesses that export to the Middle East and Iraq.
"In recent years Australasia has been among Iraq’s top three sources of imports with trade flows in excess of A$1 billion," he said.
"The formation of the Iraq Trade Bank by the Coalition Provisional Authority provides an avenue for Australian and New Zealand exporters, such as those in the grains and dairy industries, to rebuild and further develop Australia’s trade links with Iraq.
"This may extend to opportunities for broader trade with Iraq including assistance in rebuilding infrastructure as part of Iraq’s longer-term economic redevelopment," Paton said.
The consortium’s contract is set to run for 12 months initially and the intention is to transfer the business to a redeveloped Iraqi banking system.
The bank said it would not have an "on-the-ground presence in Iraq". However, it said it may "play a role" in training.
ANZ managing director, Trade and Transaction Services, Mark Paton said the bank already had extensive experience in providing trade finance support to Australian and New Zealand businesses that export to the Middle East and Iraq.
"In recent years Australasia has been among Iraq’s top three sources of imports with trade flows in excess of A$1 billion," he said.
"The formation of the Iraq Trade Bank by the Coalition Provisional Authority provides an avenue for Australian and New Zealand exporters, such as those in the grains and dairy industries, to rebuild and further develop Australia’s trade links with Iraq.
"This may extend to opportunities for broader trade with Iraq including assistance in rebuilding infrastructure as part of Iraq’s longer-term economic redevelopment," Paton said.
The consortium’s contract is set to run for 12 months initially and the intention is to transfer the business to a redeveloped Iraqi banking system.
The bank said it would not have an "on-the-ground presence in Iraq". However, it said it may "play a role" in training.
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