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New investment bank to launch in Iraq

New investment bank to launch in Iraq
During his participation in Baghdad conference on developing banking system, Iraqi Premier Haider al-Ibadi unveiled a plan to establish an investment bank supported by the state, reported Iraq Tradelink News Agency.

The bank will boost the investment sector, Al-Ibadi said, highlighting the importance of partnership between the state and the private sector.

According to experts, there are more than 30 banks available in Iraq, but they did not contribute to Iraqi development.

Corruption results from transferring money without governmental control, Premier Ibadi noted, adding that everyone has the right to transfer money, but warned of money laundry.

It is worth noting that Iraq holds a leading position in money laundry, according to international reports.