By John Lee.
The Governor of the Central Bank of Iraq (CBI), Ali Mohsen Al-Alak, received a delegation from the International Finance Corporation (IFC), a subsidiary of the World Bank Group.
The meeting discussed bilateral cooperation in the banking sector and its development to align with global technologies. They also reviewed the latest updates on strategic projects implemented by the Central Bank in collaboration with the IFC.
The two parties discussed the sustainable finance project, which plays a key role in achieving Sustainable Development Goals (SDGs) by offering banking products and services that consider environmental, social, and governance (ESG) factors. This includes sustainable financing, lending, and investment activities for the benefit of all stakeholders.
Iraq is the second Arab country to establish this project. The Central Bank received praise from the IFC for its fruitful efforts in making a significant impact on the Iraqi banking sector, contributing to environmental preservation, sustainable growth, and social well-being.
Governor Al-Alak presented an initiative to establish a green bank, which the Central Bank is working to implement. The delegation expressed their readiness to cooperate in exchanging expertise and providing training to assist in establishing this bank, in line with the efforts of the IFC and the Central Bank to support the private sector and small and medium-sized projects. The Central Bank emphasizes its openness to all international financial and banking institutions in supporting Iraq's monetary policy.
(Source: CBI)
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