Iraqi cabinet approves Islamic finance corporation accession

08 September 2009

Country to benefit from trade funding

Iraq’s cabinet has approved the country’s membership of the International Islamic Trade Finance Corporation (ITFC).

The cabinet’s economic committee agreed to pay the $10m subscription to the international trade federation.

The ITFC is a member of the Islamic Development Bank Group.

The draft law establishing Iraq’s membership of the ITFC will go to parliament for approval.

MPs have reconvened after the summer recess and will focus on economic legislation during the coming session.

In particular, MPs will focus on the Supplementary Budget Law, an amendment to the Investment Law, and the Infrastructure Law, which all failed to win approval before the last parliamentary session ended in early August (MEED 7:9:09).

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