Dubai, February 26, 2020: Trade Bank of Iraq (TBI) promoted investment opportunities in Iraq at the Global Trade Review (GTR) MENA 2020 summit held in Dubai and highlighted their commitment towards reconstruction of Iraq through its activities in the trade finance sector.
Several infrastructure projects are underway in Iraq as the country continues to rebuild leading to several potential investment opportunities in the region especially in the power sector.
It's assessed that the real GDP growth of Iraq is expected to grow up by an average of 3.1% by 2023 with non-oil GDP expected to grow tremendously on the back of the reconstruction efforts.
TBI representatives present at the GTR MENA summit highlighted the potential opportunities to invest in the fledgling economy as the country continues to rebuild.
Commenting on TBI's participation at the GTR MENA summit Faisal Al Haimus, Chairman & President of Trade Bank of Iraq said: “We have seen a lot of success in the recent years and are on the path to bigger things. Our presence at the GTR is a reflection of our ambition to earmark our presence outside Iraq.
“TBI's total assets has recorded an increase of 27% and our net profits has seen an increase of 68% in the year 2019 compared to the previous year and we are committed to build on this growth.
“We are working on the growth and expansion of our operations and will be soon making a few announcements in the coming days.”
TBI is currently working on expanding its network domestically & Internationally to diversify the sources of revenue from retail banking in Iraq to international operations in order to achieve a 30% compounded annual growth rate envisaged in the bank's business plan for 2020-22.