Home
[size=36]Iraqi National Bank signs strategic partnership with IFC to stimulate economic growth[/size]
04:30 - 11/11/2018
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
BAGHDAD (
Reuters) - The Iraqi National Bank signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to facilitate the access of Iraqi National Bank customers from the corporate sector to global markets, boost trade and stimulate economic growth.
The two parties also signed a Memorandum of Understanding (IFC) to provide support to the National Bank of Iraq in the field of corporate governance.
The agreement and memorandum of understanding were signed at a special ceremony held on this occasion. The agreement and memorandum of understanding were signed by Ayman Abu Dheim, CEO of Al Ahly Bank of Iraq and Dalia Wahba, Director of the International Finance Corporation for the Levant region. The signing ceremony was attended by a number of representatives of the official Iraqi financial institutions, as well as clients of the bank from the corporate sector and members of its Board of Directors and members of its executive management.
According to the agreement, IFC will include the Iraqi National Bank as part of the International Business Operations Program, which will enable the Bank to provide indirect trade facilities with a total value of US $ 10 million for the corporate sector in the Iraqi market and IFC bailout. Thus, the Iraqi National Bank is the only Iraqi banking institution affiliated to the program.
"We view this partnership as a strategic step that reflects the confidence of the World Bank, a representative of the International Finance Corporation (IFC) in the Iraqi National Bank in particular and the Iraqi banking sector in general," said Bassem Al Salem, Competitive banking services to its corporate clients, helping them to grow their business, import basic materials to Iraq and access global markets, which will play a pivotal role in promoting economic growth. "
He added: "The Iraqi National Bank has been able to open up to the outside world during the past years, which enabled it to obtain ceilings to finance trade from a number of correspondent banks, which reflected positively on the volume of appropriations issued, which rose to more than 700 million dollars in 2017 "The bank's strategic partner, Capital Bank, which has 62% of the capital of the National Bank of Iraq, has been commended for providing all forms of support since its contribution to the bank in 2005."
"Cross-border trade has a positive impact on the local economy and contributes to the upgrading of the banking sector," said Dalia Wahba.
"IFC will enable the NCB to expand its network of correspondents and support its business diversification strategy, which is important and sustainable in the long term."
This initiative comes within the framework of the Global Finance Finance Program implemented by the International Finance Corporation with a budget of US $ 5 billion. The program works with more than 600 partner banks around the world, providing partial or full guarantees as well as covering potential risks.
Finance plays an important role in facilitating cross-border trade, filling gaps in the market between importers and exporters by providing guarantees to banks, and supporting the creation of new jobs and reducing poverty.
The agreement is part of IFC's strategy to support the economies of developing countries affected by conflicts and help them recover from years of economic downturn.
As for the MoU, IFC provides support to the National Bank of Iraq in strengthening the corporate governance system to ensure that best practices are applied in this area and to strengthen governance and governance frameworks.
Reuters) - The Iraqi National Bank signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to facilitate the access of Iraqi National Bank customers from the corporate sector to global markets, boost trade and stimulate economic growth.
The two parties also signed a Memorandum of Understanding (IFC) to provide support to the National Bank of Iraq in the field of corporate governance.
The agreement and memorandum of understanding were signed at a special ceremony held on this occasion. The agreement and memorandum of understanding were signed by Ayman Abu Dheim, CEO of Al Ahly Bank of Iraq and Dalia Wahba, Director of the International Finance Corporation for the Levant region. The signing ceremony was attended by a number of representatives of the official Iraqi financial institutions, as well as clients of the bank from the corporate sector and members of its Board of Directors and members of its executive management.
According to the agreement, IFC will include the Iraqi National Bank as part of the International Business Operations Program, which will enable the Bank to provide indirect trade facilities with a total value of US $ 10 million for the corporate sector in the Iraqi market and IFC bailout. Thus, the Iraqi National Bank is the only Iraqi banking institution affiliated to the program.
"We view this partnership as a strategic step that reflects the confidence of the World Bank, a representative of the International Finance Corporation (IFC) in the Iraqi National Bank in particular and the Iraqi banking sector in general," said Bassem Al Salem, Competitive banking services to its corporate clients, helping them to grow their business, import basic materials to Iraq and access global markets, which will play a pivotal role in promoting economic growth. "
He added: "The Iraqi National Bank has been able to open up to the outside world during the past years, which enabled it to obtain ceilings to finance trade from a number of correspondent banks, which reflected positively on the volume of appropriations issued, which rose to more than 700 million dollars in 2017 "The bank's strategic partner, Capital Bank, which has 62% of the capital of the National Bank of Iraq, has been commended for providing all forms of support since its contribution to the bank in 2005."
"Cross-border trade has a positive impact on the local economy and contributes to the upgrading of the banking sector," said Dalia Wahba.
"IFC will enable the NCB to expand its network of correspondents and support its business diversification strategy, which is important and sustainable in the long term."
This initiative comes within the framework of the Global Finance Finance Program implemented by the International Finance Corporation with a budget of US $ 5 billion. The program works with more than 600 partner banks around the world, providing partial or full guarantees as well as covering potential risks.
Finance plays an important role in facilitating cross-border trade, filling gaps in the market between importers and exporters by providing guarantees to banks, and supporting the creation of new jobs and reducing poverty.
The agreement is part of IFC's strategy to support the economies of developing countries affected by conflicts and help them recover from years of economic downturn.
As for the MoU, IFC provides support to the National Bank of Iraq in strengthening the corporate governance system to ensure that best practices are applied in this area and to strengthen governance and governance frameworks.
[You must be registered and logged in to see this link.]
» Al-Rasheed directs to receive loan transactions after stopping them for two months
» France announces the desire of its companies to invest in a vital field in Iraq
» Integrity stopped disbursing about $60 billion in Karbala
» Its oil almost glows
» In the document.. Alia Nassif publishes the first episode of the corruption file (S. Chalabi)
» In the document.. Alia Nassif publishes the first episode of the corruption file (S. Chalabi)
» Finance holds a meeting with the German Agency for International Cooperation (GIZ) on developing the
» A British investigative report reveals the "secrets" of dollar smuggling from Iraq
» A government bank launches the credit plan for granting loans
» An American report reveals Iran's suffering from a dollar shortage after the recent tightening in Ba
» Communications determines the controls for drilling and laying optical fibers
» Officials and bankers: Traders avoid the platform and resort to the black market to secure dollars
» Parliamentary Finance: The 2023 budget will reach parliament this week, and the dollar crisis will e
» THE WORLD BANK: THE SLOWDOWN IN THE GROWTH OF THE IRAQI ECONOMY IN TWO YEARS
» THE MINISTRY OF OIL IS COOPERATING WITH A 'SOLID' JAPANESE COMPANY TO IMPROVE THE QUALITY OF OIL PRO
» Allawi: America is blackmailing the Sudanese government, and the federal government's decisions are
» A parliamentarian launches an attack on the presidency of the House of Representatives and the rulin
» The Minister of Finance reveals the main benefits of the public administration system
» The Washington Post reveals details of the meeting of the Central Bank of Iraq and the US Treasury i
» A deputy talks about a law that solves the outstanding problems between Baghdad and Erbil since 2007
» INA / Oil announces promising projects to increase production capacity in the southern refineries
» Parliamentary integrity is preparing to open the files of "empires of corruption": they are hiding w
» A Kurdish leader praises the government's measures towards the dollar: everyone should support the S
» Associated Press: The Washington-Baghdad agreement stopped the collapse of the Iraqi dinar against t
» Officially.. The Foreign Ministry announces the details of the Russian delegation's visit to Iraq to
» He participated in the bombing of the Iraqi reactor.. An Israeli pilot threatens Netanyahu with assa
» Al-Khazali: The steps of Al-Sudani and the Central Bank resulted in a clear breakthrough in the doll
» Chairman of the Integrity Commission: 2023 will be the "year of harvesting money" to return it to th
» A Kurdish deputy sets the "password" for the success of stopping dollar smugglingproposals from
» Decrease in Iraq's oil exports to America during last Januaryproposals from
» The Iraqi Central Bank sells more than 82 million dollars in the currency auction todayproposals fro
» Parliamentary Finance: The Central Bank's procedures "augurate well" and the dollar will return to i
» After a decline that lasted for three days.. Baghdad is witnessing an increase in the price of the d
» Representatives.. The dollar is chasing you
» The President of the Republic receives an official invitation from the Somali President
» Al-Arabawi: Parties from the framework are communicating with Al-Sadr, and the visit of Al-Sistani's
» Including Iraq.. The International Monetary Fund: Possible social unrest in some Arab countries
» Al-Shammari: The American understanding of the Iraqi Central Bank's procedures is positive.. but
» Report: The dollar crisis in Iraq puts the framework on a hot plate
» The exchange rates of the dollar and other currencies on the Sulaymaniyah Stock Exchange for today
» Newspaper: The framework will agree to two demands of Washington for the stability of the exchange r
» Details of the creation of 5621 job degrees
» Officially.. starting the international audit of aviation security in Iraq
» Officials and bankers: Traders avoid the platform and resort to the black market to secure dollars
» Intelligence information: $70 million is smuggled daily by land through the region
» The Washington Post: The collapse of the Iraqi currency stopped after a meeting with an American off
» The governor of Anbar attacks the "attempts of the young" to stop the reconstruction process led by
» Documents.. The Federal Court rejects the Green Zone rent case
» The Kurdistan Regional Government will start distributing January salaries tomorrow, Monday
» For the first time in the history of Iraq, conducting an international security audit at Erbil Airpo
» The Iraqi Trade Bank TBI opens a branch in Dohuk
» A leader in the Democratic Party: Parties are trying to undermine efforts to hold elections in the r
» Turkmen forces and parties in the Kurdistan Region set five demands for participation in the electio
» The World Bank expects the growth of the economy in Iraq to slow down during the years 2023 and 2024
» For the first time.. Iraq is moving to improve the quality of gasoline production through a "solid"
» "Two billion dollars" auction sales of the Central Bank of Iraq in a month
» "Currency sale auction" .. Increased central bank cash sales of the dollar
» Statement from the US Treasury regarding the Istanbul meeting with the Iraqi Central Bank - urgentpr
» An opinion poll: 53% of the Kurds support the solution of the Kurdistan region and its merger with B
» Association of Private Banks: The dollar crisis is temporary and the dinar is recovering
» Oil: We seek to build a number of units to improve petroleum products, including gasoline
» Al-Eqtisad News reveals Kurdistan's oil exports during the month of January
» Planning determines the average Iraqi per capita income in 2022
» The Iraqi Trade Bank TBI opens a branch in Dohuk
» After a strong decline in its shares.. "Pepsi Baghdad" losses exceed 200 billion dinars
» Al-Sudani: Facilities to support the pharmaceutical industry in the country and raise its production
» Presidencies: actions to address economic challenges
» Global competition to rehabilitate the energy system
» Iraqi security delegation visiting Italy
» Health: {service quality} is the basis for selecting guarantee project institutions
» More than {100} days on the life of the government
» Iraq's "cautious" policy leads Washington and Tehran's rapprochement
» Agreement between Baghdad and Paris on agricultural industries
» Minister of Commerce: Food storage is secured for the next four months
» Association of Banks: The dinar will recover and the dollar crisis is temporary
» Alia Nassif calls on the public, political forces, cultural and media circles to support the Iraqi d
» Parliamentary Finance tends to issue a decision obliging the government to send the budget within da
» US official: Most of the demands of the October demonstrations have not been met
» Jordan and Turkey are mediating the dollar crisis in exchange for the Aqaba pipeline and preventing
» The US Treasury stresses the need to prevent corrupt groups from benefiting from the international b
» The judiciary: the meeting of the four presidencies supported the procedures against speculators at
» They agreed to keep Al-Kazemi.. He revealed the attempts of leaders in the framework to persuade Al-
» Arrives this evening.. The Foreign Ministry announces the details of Lavrov's visit to Baghdad
» Trade: The campaign to support foodstuffs has reduced prices, and we will add 3 new items
» About 8 million barrels of Iraq's oil exports to America within a month
» Oil announces promising projects to increase production capacity in southern refineries
» A slight increase in the exchange rates of the dollar against the dinar
» Baghdad and Riyadh are discussing the possibilities of economic cooperation in various investment fi
» Trade announces a decrease in subsidized food prices
» The four presidencies discuss in their meeting the political, economic and social conditions in the
» Parliamentary Finance: The government is determined to send the budget in the coming days
» Deputy: Parliament is working on approving a package of laws that affect the lives of citizens
» Traffic: The fine for tampering or concealing vehicle registration plates is up to 100,000 dinars
» Al-Fateh: The current dollar crisis is fabricated by the United States
» Dollar prices on the Iraqi Stock Exchange
» Al-Sudani assigned Bassem Al-Awadi the duties of the official spokesperson for the government
» Including Iraq.. An international report reveals "difficult" challenges facing the Arab countries
» 65 Russian officials are visiting Iraq today... the history of "long" relations between Baghdad and