An Iraqi municipality worker is pictured at Al-Quds sewage station which is being upgraded in Baghdad's working-class Shiite suburb of Sadr City on May 31, 2011. (AFP PHOTO/AHMAD AL-RUBAYE)
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Iraq plans to establish a state-funded investment bank to help finance big infrastructure projects and steer money toward private sector companies which need it, a senior government official said Monday.That arrangement, if it goes ahead, could eventually provide the new bank with over $10 billion to invest; this year's state budget is estimated at 174.6 trillion dinars ($150 billion).Iraq already has 23 private conventional banks and nine private Islamic institutions, as well as seven state banks and 16 foreign banks operating in the country, according to the central bank website.
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