In its first major investment in Iraq’s banking sector, the World Bank’s private-sector lending arm said on Thursday it would buy a minority stake in Credit Bank of Iraq in partnership with Kuwait’s biggest bank, National Bank of Kuwait.
The International Finance Corp, which has $18 billion invested in private-sector projects in developing countries, said the acquisition was critical to revive Iraq’s banking sector, which for years was under state control and in dire need of fresh capital.
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