Iraq woos bond investors as sovereign debt tightens
Iraq is beginning to open its doors again to international investors. With the country needing to raise capital to develop the infrastructure required to exploit its energy reserves, Credit looks at the role bond issuance could play in Iraq’s future.
Iraq recently came out of a destructive war, faces a political vacuum as parties try to forge a governing coalition after an election in March that produced no clear winner, and continues to suffer from major Sunni-Shia divisions. It also has no credit rating, large government fiscal and current account deficits and is hampered by inadequate infrastructure and widespread corruption.
“Iraq’s opaque bureaucracy, nascent financial institutions, widespread corruption and lack of business laws all
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