Iraq reconstruction

October 2003
Middle East;Oct2003, Issue 338, p41
Arab construction and services-oriented companies hope to participate in Iraq's reconstruction work — return of peace and security permitting. The Global Investment House estimates post-conflict reconstruction costs at between $50bn to $100bn. A consortium of 13 foreign banks, led by JP Morgan & Co., was chosen to run the Trade Bank of Iraq, created to conduct overseas business. Peter McPherson, U.S.-appointed economic adviser to Iraq, announced in London, England, "Banks would help to rebuild Iraq and enjoy the fruits of its economic potential, including some of the largest untapped oil reserves in the world." Iraq presents a "bonanza" for the global investment community, if and when the dire situation stabilizes.


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