The Trade Bank of Iraq (TBI) is to hold a series of training sessions for Iraqi ministries that will include classes on how to handle letters of credit (L/Cs).

The TBI says it is launching a series of training sessions for Iraqi ministries after an apparently successful three-day intensive training session the bank hosted in the summer in Istanbul, Turkey.

International standards

Financial and legal training of this level is unprecedented in Iraq, according to TBI chairman, Hussein Al Uzri, who says the bank is taking a lead role in updating Iraq's banking system.

He says the results of the training courses "should make a big contribution towards improving Iraq's adherence to the latest in international standard practices".

L/C emphasis

"TBI is committed to developing and modernising Iraq's economy and believes that the training of Iraqi ministries in contemporary financial and banking procedures will go a long way in achieving this," he argues.

A team of bankers from JPMorgan Chase, the lead bank in TBI's operating consortium and Dallal & Associates law firm, delivered the training earlier this year in Istanbul.

Sessions covered the central topics of international trade dynamics, commercial L/Cs and contracts.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.