A strategic cooperation in vital projects for the development of Iraq from two leaders of the banking industries in Turkey and Iraq.
A strategic cooperation in vital projects for the development of Iraq from two leaders of the banking industries in Turkey and Iraq Strong investments in various fields including the energy industry will be financed by Aktif Bank and Trade Bank of Iraq (TBI).
Aktif Bank, the leading investment bank of Turkey, has reached to an agreement with the Trade Bank of Iraq (TBI), the biggest banking institution of Iraq which the capital is completely owned by the Iraq government, for a strategic cooperation related to joint project financing activities. Two banks will operate in the international arena to finance the projects that are important for the development of Iraq and this strategic cooperation is aimed to provide a contribution to the trade volume between Turkey and Iraq, which is more than US$ 10 billion annually.
DEİK Board Chairman Ömer Cihad Vardan and Iraqi ministers have attended to the Foreign Economic Relations Board (DEİK) conference hosted by the Economy Minister Nihat Zeybekçi at Istanbul Ceylan Intercontinental. During the ceremony held within the scope of "Conference on Investment Opportunities in Iraq", Aktif Bank Deputy Chairman of the Board Mehmet Usta and Trade Bank of Iraq CEO Hamdiyah Mahmood Al-Jaff signed the agreement for the "strategic cooperation on establishing the required funding mechanisms for the vital projects related to the development of Iraq".
A Historical Step
Stating that Iraq has important energy resources and development fields for infrastructure, Aktif Bank Deputy Chairman of the Board Mehmet Usta provided the following evaluation related to the projects to be funded and the future of Iraq:
"As the management of Aktif Bank, we consider long-term development of Iraq as positive. We are aiming to provide a contribution to the economical and social development of Iraq, in addition to infrastructure development, with this cooperation of ours. We are planning the realization of several projects in electric power production and petrochemical industry. In this way, we will be taking a historical step in the rebuilding Iraq and the development of the country. A strong and well-developed Iraq is important for both Turkey and the region, and the funding support provided by both banks is an important support for achieving these targets in shorter term."
About Aktif Bank Aktif Bank, the biggest private investment bank of Turkey, operates in the fields of retail banking, investment banking and regional banking. In addition to successful operational results, the innovative and entrepreneur business method of the Bank has been registered with 71 international awards including “the most innovative bank of the world” award during the last four years. The Bank has spearheaded innovations such as “the first bank bill of Turkey”, “first asset based security” and “first project funding sukuk”. It names its unique business model as "New Generation Banking". The Bank leads several national and international initiatives on entrepreneurship. Aktif Bank is rated in the highly investible category by JCR-Eurasia Rating in 2014, and its Long Term National Rating is confirmed as "AA(Trk)" and its outlook as "Stable".
About the Trade Bank of Iraq
The Trade Bank of Iraq, completely owned by the Iraq government and the biggest and most important actor in the banking industry, was founded in 2003 for meeting the requirements of Iraq related to the rebuilding and foreign trade funding of the country, and has a strategic position for the country's economy. Becoming an effective and reliable bank in a very short period of time, the Trade Bank of Iraq has increased its global access related to this purpose and gained an important competitive advantage. TBI still offers modern and innovative products and services to the Iraq market, and has also led the development of the first fully automatic online banking system of Iraq.