Erbil Power Plan in Kurdistan:

During 2006, TBI financed various projects. One of the major projects, a true success story, is the Erbil Power Plant in the Kurdistan region of Iraq. Upon completion, this power plant will supply a net active output of 500 MW/hour to the Iraqi Electricity Grid. That equates to 14% of the current Iraqi network and 36% of the electricity needs of Kurdistan. This power project is being built by a private sector company at a cost of around US$ 240 million and TBI has been helping by establishing Letters of Credit for the import of equipment for this power plant. TBI has also part-financed this plant by extending direct credit facilities.

TBI introduces Banking System to automate its operations:

In 2006, the Bank implemented the MidasPlus banking system from Mysis. MidasPlus is a widely-recognized banking solution built on 30 years of banking expertise. It is a transaction-based multi-currency, multi-branch banking system, which supports global processing by the centralization of separate country or business-specific systems into a single environment. Unlike traditional hubbing approaches, global processing allows the Bank to see all the data in a single coherent picture. The program provides a comprehensive retail banking environment including Trade Innovation for Letters of Credit and Letters of Guarantee as well as Fund Transfer transactions.

Trade Innovation provides the information and the functionality to make trade services profitable and manageable while ensuring that the Bank provides the highest levels of client service. It handles trade services products and streamlines the entire trade finance process, managing workflow.

The Fund Transfer program will offer new automated accounting systems, automated statement production and administration of account management, giving a more effective service to our clients.

In collaboration with JP Morgan Chase and Dallal & Associates law firm, TBI launches a series of training sessions for Iraqi ministries:

TBI has launched a series of training sessions for Iraqi ministries, after the success of the three-day intensive training session that the Bank hosted over the summer in Istanbul. Financial and legal training at this level is unprecedented in Iraq and is testimony to TBI's leadership role in updating Iraq's banking system.

Hussein Al Uzri, Chairman of TBI, said, “We are proud to be the full sponsor of such vital training events, the results of which should make a big contribution towards improving Iraq's banking sector. TBI is committed to developing and modernizing Iraq's economy and believes that the training of Iraqi ministries in contemporary financial and banking procedures will go a long way to achieving this.”

The Istanbul session covered the central topics of International Trade Dynamics, Contracts, Commercial Letters of Credit and Documentary Credits; delegates were also engaged in case studies, exposing them to latest developments in international trade.