From the World Bank: Economic growth is gradually recovering following last year's pandemic-related contraction, partly due to higher non-oil activity. Improved global oil market conditions are expected to reinforce growth in the medium term and turn the fiscal and external balances to surpluses from 2021, and to reverse the recent surge in debt. Latest Developments: […]
Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. The Saudi Export-Import Bank (SaudiExIm) has reportedly signed an agreement with the National Bank of Iraq (NBI) to assist exporters of Saudi-sourced services and products supplying Iraq. According to AsumeTech, the deal is valued at $25 million. More here. (Source: AsumeTech)
By Mohammed Koperly (LLB, PstgD, MCIArb), for Al Nesoor Law. One of the most significant worldwide developments during Covid-19 was the increase in consumer engagement in financial markets, many for the first time especially in Iraq. The coronavirus outbreak has acted as a catalyst for a digital revolution facilitated by financial technology (fintech). As Iraq […]
By John Lee. An Iraqi economist has said that re-valuing the Iraqi Dinar could be considered if certain conditions were met. Dhurgham Mohamed Ali is quoted by Shafaq News as saying: "The exchange rate of the dollar should be gradually reduced to 1,300 dinars [from the current 1,460 dinars] while keeping an eye on the […]
As a measure of confidence in the global and Iraqi economy, the Iraq Britain Business Council (IBBC) is seeing a marked upswing in quality and quantity of speakers at the Autumn Conference at the Address hotel, Dubai 22nd November. The topic, in line with COP26 and the new energy horizon, is one of sustainability. Not […]
IFC, National Bank of Iraq Partner to Boost Access to Finance for SMEs, Create Jobs To support the growth of smaller businesses in Iraq and help them create jobs and overcome challenges, including from COVID-19-related disruptions, the International Finance Corporation (IFC) has announced an investment for the National Bank of Iraq (NBI). IFC's $10 million […]
The United Nations Compensation Commission (UNCC) has made available $490 million to the Government of the State of Kuwait towards the Commission's remaining claim with an outstanding award balance. The United Nations Compensation Commission is a subsidiary organ of the United Nations Security Council. It was established in 1991 in accordance with Security Council resolutions […]
IBBC's Autumn conference is back with a bang and open for business engagement. On 22nd November this year the overarching conference topic is looking to the future with 'sustainability'- whether in terms of energy and renewables, the Iraqi economy and its diversification, or sustaining finance, logistics and training. Underpinning much of this is the application […]
By Olivia Bridge. Despite recent tumultuous times and a weakening economy in Iraq, government is said to be implementing reforms that are aimed at reviving its ailing currency. Forex trading in Iraq While forex trading in Iraq is still a relatively new concept, it is gradually being embraced by nationals. Reports on the matter suggest […]
By John Lee. The Iraqi Cabinet has approval a doubling in the capital of the Iraqi Housing Fund. The capital will increase from 1 trillion to 2 trillion Iraqi dinars ($1.4 billion), with the additional funds to be paid by the Ministry of Finance. (Source: Office of the Prime Minister)
By John Lee. UK-based international law firm Clifford Chance has announced that it has advised International Finance Corporation (IFC) and Japan International Cooperation Agency (JICA) on the US$125 million financing of the development, construction, equipping and operation of both new and existing facilities at the Umm Qasr Port in Iraq. In a press release, the […]
You are invited to attend the Iraq Business Forum on 27th September in Central Hall Westminster. Hear from IBBC members and British companies. Meet Iraqi businesses leaders interested to source products from the UK across multiple sectors. Enjoy one to one business meetings.