US-Sponsored Training Strengthens Financial Sector in Iraq

The U.S. Mission in Iraq, through the United States Agency for International Development’s (USAID) Financial Development Project, is working with the Iraqi banking industry to help banks improve best practices. The U.S. Mission invited seven banks from across Iraq for the January 21-28 launch of the first in a series of 20 training seminars in support of the Iraqi banking and financial services sector.

Representatives of Ashur Bank, who participated in the training this week, said, "Credit and finance instruments are new in Iraq. This training provided us with both technical information and practical skills to understand how we can expand our business in this area." USAID Iraq Mission Director Thomas Staal stated, “We are excited about this training for the banking sector. It is part of our effort to help Iraq’s banking system modernize and become accessible to more Iraqi citizens.”

In addition to conducting this series of banking and financial services training seminars, the Financial Development Project, together with international donors, is seeking to establish a “Banking and Finance Academy” in Iraq. Such an academy would provide long-term, sustainable support to enhance the capability of the local banking system and establish a modern, well-functioning banking sector to serve as a foundation for Iraq’s growing economy.

USAID’s Financial Development Project is an important element of the U.S.-Iraq engagement under the Strategic Framework Agreement. The project supports a more vibrant Iraqi banking sector that will increase economic opportunity and prosperity for all the people of Iraq.

(Source: US Embassy)

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