Iraq has a wealth of natural resources however which makes it a very rich country and has a apparent means to rebuild its economy.
The Iraq he's continuing to build following the war and are currently in need of a full range of business services. in July 2009 the Iraq he Prime Minister , Nouri al-Maliki visited the US and part of his Michigan was to convince American companies to invest in Iraq. He made the case that security had improved substantially. ( Tafuri. 2009), with regard to even though Iraq is not completely stable there is a dearth of opportunities open for companies who are willing to take the risk and invest in their markets. Specifically Iraq has the second largest oil reserves in the world and it needs infrastructure and development across all aspects of their economy (Tafuri, 2009). in the banking industry. For example there is a need for from current accounts to insurance and mortgage mortgages Little of which is currently on offer. There are tens of millions of potential customers in the country and Very few have bank accounts (Rao, 2013) Iraq he's have limited access to loans, insurance credit cards mortgages and an array of other financial products. (Rao, 2013)
Citibank is the first to enter the Iraq and country and Citibank economists project that Iraq will have 50 million people and a $2 trillion economy by the year 2050 (Rao, 2013).
The country of Iraq is currently served by seven State on banks 32 private banks and 15 foreign banks. Two in particular Rafdain Bank and Rasheed Bank Control 90% of the banking business in Iraq. (Central Bank of Iraq website).
With J.P. Morgan Chase's presents already being in the Middle East headquartered in Saudi Arabia it is logical that they could easily expand into Iraq. Although Iraq continues to struggle with rebuilding its economy as a result of the war and the still unstable infrastructure, despite these challenges, many banks look to set up branches in Iraq. it has now been more than 10 years since the US light invasion of Iraq which resulted in over 120,000 deaths in the severely damaged infrastructure as well as the presence of continuing violence, thanks are gradually entering the region.
Through the removal of Saddam Hussein more on the relationship between Iraq in the United States has been contentious. Display of the conflicts, to US government through the US agency for international development has supported the redevelopment of the Iraq economy through the creation of the Tihara program( Bradley, Brown, Rubach, 2010). The program together with its predecessor the it's our program provided financial capital and services to Iraq he businesses and loans totaling up to 300 300 million have been made. The efforts made to stimulate the Iraq he economy created a business culture it's similar to the American business culture from during the Industrial Revolution (Bradley, Brown, & Rubach, 2010).
The World Bank has been gradually expanding I'm its construction...