Government Advisor: First Rafidain Bank will be classified as a private bank
The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, revealed on Tuesday the most prominent goal for which the First Rafidain Bank was established.
Saleh said in an interview with “Economy News” that “Rafidain First Bank was established as a commercial bank aimed at building a market economy exclusively, especially in the field of financing and investment.”
He explained that “the difference this time lies in the issue of ownership, which will become a private bank despite the state’s partnership with its capital by 24%, which is a percentage that did not make it within the mixed sector but within the private sector, as long as the state’s participation is below 25% of the capital under the texts of the Companies Law No. 21 of 1997, as amended.”
He added that “the goal is to transfer Rafidain Bank in part to market operations outside the banking government operations, which means opening up to international banks, creating strategic partnerships with international banks and integrating the international investment and financial environment effectively.”
The Council of Ministers decided to establish the first Rafidain Bank with a capital of one trillion dinars and a government participation rate of 24%.
The economist, Mustafa Akram Hannoush, described the establishment of Rafidain First Bank as an “excellent step.”
“The establishment of Rafidain First Bank is an excellent step, especially since it will be a mixed sector company,” Hantosh told “Economy News.”
He added that the new bank will help the country enhance the capabilities of payment and electronic transactions, in addition to that it will be an assistance to the Iraqi Bank for trading in remittances and credits.
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