By John Lee. Fitch Ratings has assigned Gulf Commercial Bank (GCB) a Long-Term Issuer Default Rating (IDR) of 'CCC+'. GCB is a privately-owned bank, headquartered in Baghdad and regulated by the Central Bank of Iraq (CBI). More here. (Source: Fitch Ratings)
Archive | Iraq Banking & Finance News
Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
EU drops Iraq from List of High-Risk Countries for Money Laundering
By Editor on 11th January 2022 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News, Politics
By John Lee. The European Union's Ambassador to Iraq has announced that Iraq has been removed from its list of countries deemed to carry a high risk of money laundering. Following a meeting with Prime Minister Mustafa al-Kadhimi in Baghdad on Sunday, Ville Varjola tweeted: "Bringing the good news today to HE Prime Minister Mustafa […]
Tags: anti money laundering (AML), countering the financing of terrorism (CFT), European Union (EU), featured, Financial Action Task Force (FATF), mn, money laundering
Financial Investigators prepare Taskforce Investigations
Iraqi Judges and Financial Investigators prepare Taskforce Investigations The Federal Supreme Judicial Council of Iraq, the Kurdistan Judicial Council and UNDP Iraq, with support from the U.S. Government, launched a series of workshops for investigative judges, prosecutors, investigators, auditors and financial analysts from all across Iraq in late November 2021. These workshops will aid Iraqi […]
Tags: anti money laundering (AML), banking, Commission of Integrity, Kurdistan News, UN Development Programme (UNDP), United Nations (UN)
Iraq joins China's AIIB as a "New Prospective Member"
By Editor on 29th December 2021 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News, Politics
The Board of Governors of China's Asian Infrastructure Investment Bank (AIIB) has approved the application of Iraq to join the Bank. Iraq becomes AIIB's 51st regional member, bringing the Bank's approved membership to 105 in total. As a multilateral development bank with the mission of financing infrastructure for tomorrow, AIIB aims to support its members […]
Zwipe, INC to pilot Biometric Payment Cards in Iraq
By John Lee. Norwegian biometric authentication firm Zwipe and International Network for Cards and Digital Payment Services (INC) have announced that they will pilot Biometric Payment Cards in Iraq. According to a press release from Zwipe, this will be the first biometric payment card pilot in the country, and INC will be offering issuance of white […]
Tags: biometric authentication, featured, International Network for Cards and Digital Payment Services (INC), Norway, NymCard, Zwipe
Iraq Announces Second Construction Bond Issuance
By Editor on 22nd December 2021 in Construction & Engineering In Iraq, Investment, Iraq Banking & Finance News
By John Lee. The Ministry of Finance has directed the Public Debt Department, in cooperation with the Central Bank of Iraq (CBI) to launch a second issue of construction bonds, which will be tradable on the stock market. The bonds, also know as a "binaa bonds", will be available for trading for a period of […]
1,000 SMEs Financed by IOM's Enterprise Development Fund
By Editor on 16th December 2021 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News
Sustainable Living in Iraq: A Milestone 1,000 SMEs Financed Through IOM's Enterprise Development Fund At the conclusion of Iraq's devastating conflict with the Islamic State in Iraq and the Levant (ISIL), small and medium enterprises (SMEs) found themselves without access to the finance necessary to rebuild in the wake of the war's large-scale destruction. In […]
Tags: Enterprise Development Fund (EDF), European Union (EU), featured, germany, International Organization for Migration (IOM), Japan, korea, Korea International Cooperation Agency, micro- small- and medium-sized enterprises, micro-small-and medium-enterprises, MSMEs, Netherlands, SMEs, United Nations (UN), United States
Iraq, UAE sign MoU on Banking Supervision
The Central Bank of the UAE (CBUAE) and the Central Bank of Iraq (CBI) have signed a Memorandum of Understanding (MoU) on 12th December, to enhance cooperation on banking supervision matters. The MoU covers three main areas, including control and supervisory issues, the exchange of supervisory information, and strengthening bilateral co-operation on training workers and […]
Tags: Central Bank of Iraq (CBI), Central Bank of the UAE (CBUAE), featured, mn, United Arab Emirates (UAE)
Iraqi to borrow $76m for Great Samawa Water Project
By Editor on 13th December 2021 in Agriculture, Investment, Iraq Banking & Finance News, Iraq Industry & Trade News, Politics
By John Lee. The Iraqi Cabinet (pictured) has authorised the Minister of Finance to borrow $76 million from the state-owned Trade Bank of Iraq (TBI) to finance the Great Samawa Water Project. (Source: General Secretariat for the Council of Ministers)
Trade Bank of Iraq joins IBBC
By Editor on 3rd December 2021 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News
The Trade Bank of Iraq (TBI) has re-joined the Iraq Britain Business Council (IBBC). TBI were original founding members of IBBC and we are delighted to say they are now back in full participation mode, with President Dr Salem Chalabi taking a lead role at the recent IBBC Autumn conference Dubai. At the conference Dr […]
Tags: banking, featured, Iraq Britain Business Council (IBBC), mn, Trade Bank of Iraq (TBI), United Kingdom
KRG PM meets President of the Iraq Britain Business Council
By Editor on 30th November 2021 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News, Iraq Oil & Gas News
The Prime Minister of the Kurdistan Regional Government (KRG), Masrour Barzani, on Saturday met Baroness Emma Nicholson, President of the Iraq Britain Business Council (IBBC). Prime Minister Barzani highlighted the reforms of the ninth cabinet, its bid to diversify the economy and crucially to make the Kurdistan Region a focal point for business. Baroness Nicholson […]
Tags: Baroness Nicholson, featured, Iraq Britain Business Council (IBBC), KRG, Kurdistan News, Masrour Barzani, mn, United Kingdom
Iraq Completes $685m Bond Issuance
By Editor on 18th November 2021 in Construction & Engineering In Iraq, Investment, Iraq Banking & Finance News
By John Lee. Iraq has successfully completed the sale of a 1-trillion-dinar (£685-million) construction bond issuance, also know as a "binaa bond". The Ministry of Finance issued the bonds for sale on the local financial market at the start of October, in two categories: IQD500,000 bonds with annual interest of 6 percent for two years; […]