TBI issues some 1,500 letters of credit
The Economist Intelligence Unit (EIU) has recently praised the performance of the Trade Bank of Iraq (TBI), which started operations in November 2003 and soon obtained guarantees for short-term credit worth US$2.4bn from 17 international export-credit agencies.
The new trade bank has been supported from the outset by an international banking consortium led by JP Morgan Chase & Company–the key to worldwide acceptance for the Iraqi bank’s letters of credit (LCs).
With just over a year of business, the bank has issued nearly 1,500 letters of credit (LCs), in euros as well as in US dollars, totalling some US$4.7bn, according to figures provided by the TBI.
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