LONDON, 24 January 2004 — The Iraqi Ministry of Industry and Minerals has appointed a London-based merchant bank, MerchantBridge & Company, as the lead adviser for its program to lease out the country’s industrial factories, according to a press release. The first phase of the program involves 35 factories in four different sectors: food and pharmaceuticals; construction materials and engineering; chemicals; textiles. Over 100 bids have already been received to lease them, a number of which are from international firms or from joint ventures between Iraqi and foreign firms. The strong interest in the factories has been welcomed by the Iraq Minister of Industry and Minerals, Mohamad Tawfiq Raheem. He said that the program has set a “precedent” for bringing the private sector back into the economy. MerchantBridge says that in assessing bids, as well as looking at the reputation and experience of potential lessees, it will take into account their plans to transfer technology and provide training and new investment in Iraq.