JP Morgan Development Finance Institution (JPM DFI) will facilitate payments from Iraq to China to directly finance the private sector imports, state-owned Iraqi News Agency reported, citing a statement from the Central Bank of Iraq (CBI).

The decision was taken during a meeting of CBI Governor Ali Mohsen Ismail Al-Alaq and Daniel Zelikow, Chairman of the Governing Board at JPM DFI.

“During the meeting, it was agreed that JP Morgan would facilitate payments from the Iraqi banking system to China to finance private sector imports directly,” the statement added.

They also discussed financial issues, including reserves and liquidity management, and the JP Morgan technical support to the CBI and the Iraqi banking sector.

Read more:

Iraq to award more projects to Chinese firms

Iraq awards 6 oil concessions to UAE, Chinese firms

(Writing by P Deol; Editing by Anoop Menon)