Cabinet OKs Iraq’s accession to ITFC

BAGHDAD / IraqiNews.com: The Iraqi cabinet has approved a draft law on Iraq’s accession to the International Islamic Trade Finance Corporation, a member of the Islamic Development Bank Group, a government spokesperson said on Tuesday. “The ITFC is an effective tool for financing trade operations by member countries,” Ali al-Dabbagh told Iraqi News. The spokesperson noted that the accession to the corporation will enable Iraq to benefit from the services provided by the Islamic Development Bank. The economic committee in the Iraqi cabinet has approved the accession through subscription of $10 million U.S. dollars in cash, Dabbagh noted. During its session dated November 20, 2007, the Council of Ministers authorized the governor of the Central Bank of Iraq (CBI) to sign an agreement on Iraq’s accession to the corporation, Dabbagh added. SS (P) 1