Years of war and sanctions have left many of Iraq's factories idled, lacking government support and unable to compete against a flood of cheap imports into the oil-reliant country.
The hike will raise the bank's capital to 150 billion dinars and be allocated from the 2012 budget, according to a statement from deputy prime minister for economic issues, Ross Nouri Shawis.
Iraq's private banking sector is also very limited and dominated by two major state-run banks. Iraq has signed oil deals with large companies to build up its production but still needs investment in virtually every other industry, like machinery industry.
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