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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Al-Alaq signs agreement with the International Finance Corporation on {Banking Sustainability Roadma

    Rocky
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    Al-Alaq signs agreement with the International Finance Corporation on {Banking Sustainability Roadma Empty Al-Alaq signs agreement with the International Finance Corporation on {Banking Sustainability Roadma

    Post by Rocky Tue 24 Sep 2024, 6:54 am

    Al-Alaq signs agreement with the International Finance Corporation on {Banking Sustainability Roadmap}
    • Time: 2024/09/23 11:22:36
       
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    {Economic: Al Furat News} The Governor of the Central Bank, Ali Al-Alaq, signed an agreement with the International Finance Corporation (IFC) regarding the (Financial Sustainability Roadmap).
    Al-Alaq said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Governance Standards Guide for Banks, “Today we are addressing an important and fundamental aspect in developing the banking sector in Iraq, as the term environmental, social and governance standards has witnessed turbulent growth since its first launch in 2005,” indicating that “the environmental aspects and the response related to climate change are major factors driving the development of environmental, social and governance standards, in addition to the growing importance of other essential elements, especially social ones.”
    He added, "If these standards are important for any economic entity or company, regardless of its activity, mission and products, then their importance to the financial sector is a matter of utmost importance, given the significant impact that social and environmental changes have on the reality of this sector and the need to manage it according to regulatory, supervisory and technical rules that avert risks to guarantee the rights of shareholders and stakeholders within a framework of transparency and disclosure, and above all, to contribute to achieving financial stability, the repercussions of which are reflected in crises on the economic and social environment and general stability, just as environmental and social repercussions are reflected in stability."
    He stated, "We are pleased to announce a roadmap for the financial sustainability of the banking sector in Iraq for the years 2023 to 2029 and social and institutional standards," noting that "this project is part of the ongoing efforts made by the Central Bank of Iraq to advance the banking sector based on international best practices as well as keeping pace with developments in the banking industry."
    He stated that "with this announcement, the Central Bank of Iraq is the first in the region to implement this guide."
    Al-Alaq praised "the role played by international experts at the International Finance Corporation, affiliated with the World Bank Group, and their effective contribution in preparing the roadmap for financial sustainability for the banking sector in Iraq," appreciating "the effective and ongoing partnership and fruitful cooperation with the institution."
    He thanked "the fruitful and distinguished efforts of the Central Bank's work team, as well as the support provided by the Kingdom of the Netherlands in this context to push towards helping Iraq implement these important and necessary programs."
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