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A key component to rebuilding a stable infrastructure in Iraq is a well regulated, modern banking and financial sector. This includes the reprinting of Iraqi hard currency and the issuing of banking licenses to international operators. The Central Bank of Iraq is looking favourably at major investors and those prepared to open local branches. It is estimated that the gross domestic product of Iraq may more than quadruple to $125 billion within a decade, spurred by a rise in oil production and industrial output, making it twice that of the UAE, where 48 banks now operate.
There are also key insurance implications for potential initiatives, including insurance and reconstruction projects, maritime insurance within the Gulf, the overall impact of insurance on rebuilding Iraq, the implications of terrorism insurance and insurance indemnity within future contracts. Project financing is also greatly important when considering the reconstruction of Iraq. |  |
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