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Iraq,United States : IFC, International Development Bank Launch Effort to Expand Financial Services in Iraq
Publish Date : 23-May-2019
IFC, a member of the World Bank Group, signed a memorandum of understanding (MoU) with the International Development Bank (IDB), one of Iraqs leading financial institutions, to examine ways of expanding financial services to Iraqs private sector.
The memorandum will help IDB as it further strengthens its local footprint and increases its outreach to private sector companies. The collaboration between IFC and IDB aims to make it easier for bank clients to access financial services, like loans and trade financing, ultimately helping them to expand and create jobs. The memorandum is considered important in a country where businesses have limited access to finance.
Despite the challenges facing Iraq's banking sector, IDB has made investments that have contributed to the economic and social development of Iraq, said Ziad Khalaf Abed, IDB Chairman. We are confident that this MOU will offer new opportunities for IDB and its clients. Working with IFC will equip us with banking services and trade financing lines that will support the Iraqi private sector and contribute to the nation-wide reconstruction effort. We are committed to maintaining our position as the most innovative and technologically oriented bank in Iraq.
The effort is part of IFCs strategy to support Iraqs private sector and help the country diversify its economy, lessening its reliance on the oil sector and state-run firms.
Dalia Wahba, IFC Country Manager in Levant said: Iraq is a priority country for IFC and we remain committed to supporting its economic growth. The financial sector can play a critical role in addressing pressing development challenges, and in helping Iraq to diversify and modernize its economy.
Over the last nine years, IFC has committed $1.5 billion in Iraq, including mobilization, and its portfolio currently stands at $330 million.
