Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new five-year senior unsecured bonds with a coupon rate of 7.875 percent. The placement met strong investor demand across international markets and was significantly oversubscribed, leading the Company to upsize the new bond issue from USD 300 […]
By Abdurrahman Bapir, for Coindesk. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Opinion: The Inevitability of Crypto in Iraq Despite roadblocks, crypto is becoming increasingly popular in Iraq and the Kurdistan Region. Click here to read the full article.
By John Lee. Iraq's Deputy Prime Minister and Finance Minister has reportedly said that he supports a floating exchange rate for the Iraqi currency, the dinar. Shafaq quotes Ali Allawi (pictured) as telling a press conference on Thursday that the Central Bank of Iraq (CBI) intervenes occasionally to keep the dinar in the range of […]
By John Lee. Japan's Minister for Foreign Affairs, Motegi Toshimitsu, visited Iraq on Saturday, meeting with Foreign Minister Fuad Hussein, Prime Minister Mustafa Al-Kadhimi, and President Barham Salih. Minister Motegi announced that Japan intends to extend the "Basrah Refinery Upgrading Project (Phase 3)" Yen loan project (up to the amount of 32.7 billion yen) [$300 […]
By John Lee. Iraq has reportedly restarted talks with the International Monetary Fund (IMF) for a $4-billion loan to cover its budget deficit. More here. (Sources: Bloomberg, Arab News)
By Olivia Bridge. Iraq's global perception might not be optimistic, but the country is proving itself as an incubator for startups and small businesses. Why startups and businesses are thriving in Iraq To the uninformed, the idea of Iraq being capable of nurturing online businesses, start-ups and entrepreneurs might seem far-fetched. Disinformation and rumours haven't […]
The United Nations Compensation Commission has made available $600 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 687 […]
By John Lee. World Bank Group President David Malpass met with Iraqi Prime Minister Mustafa Al-Kadhimi during his visit to the United States this week. During the meeting, they discussed the cooperation in financing infrastructure projects in the fields of water, airports, natural gas and energy projects, especially solar. President Malpass affirmed to Prime Minister […]
KRG receives share of federal budget, ends salary cuts Prime Minister Masrour Barzani on Sunday led a meeting with the Kurdistan Region's Economic Council to address the resumption of full salary pay for government employees. Prime Minister Barzani reiterated that the KRG pays salaries from available revenue, and that they can do so more reliably […]
By John Lee. Moody's Investors Service has affirmed the Iraqi Government's long-term issuer and foreign currency senior unsecured ratings at Caa1, and maintained the stable outlook. It notes Iraq's exceptionally high reliance on oil, and "very weak institutions and governance", while adding that ongoing discussions with the IMF indicate a possibility of a supported adjustment […]
New program to help counteract serious financial crimes in Iraq The United Nations Development Programme (UNDP) in Iraq, in partnership with the United States Government and the Supreme Judicial Council of Iraq has launched a multi-year training initiative today, to strengthen and improve complex organized and financial crime investigations in Iraq. The training program, called […]
By John Lee. At a meeting in Brussels on Wednesday, Iraqi Prime Minister Mustafa Al-Kadhimi asked the President of the European Commission, Ursula von der Leyen, to remove Iraq from its list of countries considered to have a high risk of money laundering. Earlier this year, the United Kingdom removed Iraq from its list of […]
