PROGRESS.

The U.S.-led Coalition Provisional Authority said on Tuesday it had created the Trade Bank of Iraq and asked international banks for proposals to help establish it.

The CPA said in a statement the bank would provide financial and related services to help the import and export of goods and services to and from Iraq...

"Existing Iraqi banks are presently ill-equipped to support import-export trading activities. They lack sufficient expertise and international links," the CPA statement said.

"Existing financial institutions within Iraq are fully engaged in re-establishing basic banking services and have limited capacity for specialised trade services."

It said the bank, which would also help facilitate "the transition from state-owned enterprises to greater privatisation", would have an authorised capital of $100 million.