Trade Bank of Iraq to launch private equity fund

A state-run Iraqi bank plans to set up a $500 million private-equity fund to invest in projects in the war-ravaged country and will next month look to identify a global player to act as the fund's general partner. Hussein Al-Uzri, president and chairman of Trade Bank of Iraq, said the bank aims to launch the private-equity fund this year, which will invest in medium-sized projects in industries including oil services, power and hotels.
The bank, set up in 2003, also plans to open branches this year in London and Beirut, and eventually aims to open offices in North America and east Asia, with China a possibility, as Iraq looks to attract investment to fund its rebuilding. Iraq expects private investment to triple to $30 billion this year, a senior government official told Reuters last month.