Baghdad, July 8 (Rn) - The World Bank announced on Friday that it had
completed the plans and technical procedures, financial and legal to
develop the good performance of the bank and state-owned Iraq and restructuring.

The director of the unit restructuring banks Majid picture of Kurdistan
News Agency (Rn) that "the unity of the restructuring of the problem by
the World Bank completed the plans and technical procedures, financial
and legal that will improve the performance of a bank of good and Mesopotamia
and restructuring in line with the electronic development in the work of
international banks" .

He added that "the Commission will develop the banking payments system and
the expansion of banking transactions and raising the administrative bureaucracy
in the banking activities to ensure the expansion of the two banks."

He pointed out that "the Commission will study the Iraqi Central Bank and the
Ministry of Finance in order to start the training of cadres for the Rafidain
functional and rational."

And decided to Iraq in 2006, the restructuring of the banking sector to allow
direct investment in banks and get rid of the heavy debt burden on the major
banks owned by the state after decades of war and economic isolation.

The main objectives of the program is the restructuring of the largest banks
owned by the Iraqi state and are the Rasheed Bank and Bank of Iraq and the
restructuring of the Audit Department at the Central Bank and the development
of the private banking sector.

According to the CBI, the external debt and internal Bank of Iraq at 28 billion
dollars, while Rasheed Bank debt of one billion dollars, the government borrowed
most of the foreign debt owed by the banks.

Will be concentrated under the plan, in 2011 to implement training programs for
departments such as the Audit Department at the Central Bank and the Management
Unit of each branch of the Rafidain Bank and Rasheed Bank.

The main objective of restructuring is to reach a sound banking system and
sophisticated because the five banks owned by the state controls about 90 percent
of the entire banking sector activities.

The aim of the restructuring plan is also to transform the Iraqi banks to other
financial companies, such as specialized development banks and Islamic banks to
encourage investment and development of the real economy.

Wanan of Jafar, the Open: Abdullah Sabri