Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
"Iraq is an under-banked country, having only 550 bank branches for a population of approximately 30 million. We have to increase the number of banks and put more Iraqis back into the banking sector. American finance banks and finance institutions can help us.
Talafar Directorate in Nineveh Province called on the Province Council to reconsider its share of the current year’s budget since it only covers 25% of the province’s needs. However, Sinjar doubted that the government will agree. Talafar governor Abdul Al Abbas said that 10.9 billion dinars were allocated for the region. This amount is not […]
An Iraqi diplomatic delegation on Tuesday held a meeting with the Vietnamese foreign minister, with whom they discussed ways of boosting diplomatic and economic relations, according to a foreign ministry’s statement. “The delegation, led by Undersecretary of Iraqi Foreign Ministry Labied Abbawi, expressed Iraq’s desire to strengthen relations with Vietnam in various domains,” said the […]
A German company met with the Basra Investment Commission on Wednesday to discuss increasing its investments in the province, according to a commission official. “The IQ MARTRADE Company is considering investment in berth 8 at Khour al-Zubeir port, and is also keen to establish a factory to make oil pipes in the province,” Ahmad Wahied […]
Iraqi internet service provider FastIraq is to connect more than 100,000 homes and offices to the internet, following the arrangement of funding with Dar Es Salaam Investment Bank (“DES”). FastIraq was advised by Northern Gulf Partners (“NGP”), which secured finance based on projected cash-flow; this is a significant departure from the traditional requirement to secure […]
Anbar’s Investment Committee signed a memorandum of understanding with a Jordanian firm to launch an internet network in the province. “The system will link state-run institutions in Anbar to each other,” a source from the committee told Aswat al-Iraq news agency on Saturday. He explained that the people of Anbar will be allowed access to […]
The Missan governor announced on Thursday new plans and measures to attract investors to the province. “The province mapped out a plan for the current stage to establish investment projects, including parks, hotels and residential compounds,” Mohammad al-Shayaa told Aswat al-Iraq news agency. “The future plans include big infrastructure projects and other projects which need […]
The council authorised the minister to invest the remaining amount of the Japanese loan of around $220 million in projects.
Iraq still owes about 24 billion dollars in war reparations for the 1990 occupation of oil-rich Kuwait, a Kuwaiti lawmaker was quoted as saying on Tuesday. Adnan Abdulsamad, head of parliament's budgets committee, said the emirate had so far received 17.5 billion dollars out of the 41.8 billion dollars approved by a United Nations special […]
The Council of Ministers authorized Finance Minister Baqer al-Zubaidi to discuss investing the rest of a Japanese loan with the Japanese ambassador. “The council during its 15th session decided to authorize the minister to discuss investing the remaining amount of the Japanese loan (around $220 million) with the ambassador to determine the projects that could […]
The Central Bank of Iraq’s (CBI) dollar sales increased to $175.486 million in its daily auction on Tuesday, compared to $93.53 million in the previous session. “The demand hit $7.5 million in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $167.986 million in foreign transfers outside the country, covered at […]
Basra’s Provincial Council has approved different projects according to the budget of 2010. “The issue of deciding projects according to the 2010 budget will be finalized on Wednesday (April 14),” a source from the council told Aswat al-Iraq news agency on Tuesday. He noted that the projects embrace different sectors in the province. ( Aswat […]
