The Iraqi Industrial Bank and Its Role in Industrial Development, 1946–1958 A Historical Study

Abstract

The historical study of banks is one of the topics of great importance in all countries, including Iraq, given the vital role banks play in the course of economic and social development. Banks, particularly specialized banks concerned with the industrial sector, constituted a central axis in the transformation of traditional economies into advanced industrial economies through the loans they provided to support industrial projects and improve the industrial sector, which had long suffered from backwardness and low levels of production.

In view of this importance, the Iraqi government was keen to support the industrial sector through the establishment of the Industrial Bank. Its establishment was based on encouraging and investing capital in important industrial projects through the financial facilities it provided and by directing such funds toward desired investments. Therefore, understanding the mechanisms of the Industrial Bank’s work and its impact is essential for contributing to the achievement of industrial development.