Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. The state-owned Trade Bank of Iraq (TBI) is reported to be planning to expand its operations in China and the Gulf. Chairman Faisal al-Haimus [al-Haimus] told Reuters that the bank want to increase revenues from retail banking and international operations from 25 percent to 30 percent by 2022. He added that it […]
The Al-Bayan Center for Planning and Studies has just published a new report from our Expert Blogger Ahmed Tabaqchali: The current debate over the interpretation of the 2019 budget that governs the Kurdistan Regional Government’s (KRG) share of the federal budget in return for contributing 250,000 bbl/d to federal oil exports has echoes of the […]
By John Lee. The World Bank will reportedly lend a total of $200 million to Iraq for upgrades to its electricity grid. According to Basnews, the agreement was signed by Finance Minister Fuad Hussein and Yara Salim, a representative to the World Bank. "There will be attempts to address the problem of power supply in […]
By Padraig O'Hannelly. Iraq's Deputy Minister at the Ministry of Construction, Housing, Municipalities and General Works has presented details of reconstruction projects underway in areas affected by terrorism. Dr Dara Reshid, who is also Vice President of the Reconstruction Fund for Areas Affected by Terroristic Operations (REFAATO), told CWC's Kirkuk & Mosul Megaprojects conference in […]
This weekend, the Iraq Britain Business Council (IBBC) hosted its annual members’ retreat at Cumberland Lodge, Windsor Park, which was generously sponsored by Al Burhan Group. As with previous years, it was very well attended by over seventy delegates, and allowed our members to mingle and network with representatives of other businesses, civil servants, and […]
By John Lee. Iraq and the Netherlands have signed a double taxation agreement on Monday. Iraqi Finance Minister Fuad Hussein is quoted as saying that avoiding double taxation will improve the business environment and help to attract foreign businesses and investments to Iraq. (Sources: Iraqi Ministry of Finance, Kurdistan 24)
By John Lee. The Trade Bank of Iraq (TBI) has officially opened its new headquarters in Baghdad. Located on Al Rasheed Street in the heart of Baghdad, the new headquarters is wholly owned by the bank and is designed to facilitate collaboration, bringing 670 Baghdad-based employees of TBI under one roof for the first time. […]
By John Lee. The state-owned Trade Bank of Iraq (TBI) has reportedly signed a Memorandum of Understanding with India-based ESDS Software Solution to develop financial technology and a cloud platform in Iraq. According to Zawya, Alpen Capital (ME) Limited acted as the sole advisor for the transaction between the two firms, which aims to "establish […]
By John Lee. Iraq's Minister of Transport, Abdullah Luaibi [Abdul Allah al-Leibi], has said that Iraq is actively seeking to join China's Belt and Road Initiative ["One Belt, One Road (OBOR)"]. In statements on Monday, the Ministry confirmed that the Minister met with China's Ambassador to Iraq, Zhang Tao, to discuss the plan. It added […]
JICA to Support Iraq’s Reconstruction and Revitalization through Upgrade of Basrah Refinery Signing of Japanese ODA Loan Agreement for Iraq On 16 June, 2019, the Japan International Cooperation Agency (JICA) and the Iraqi Government signed a loan agreement at Ministry of Finance in Baghdad. The ODA (Official Development Assistance) loan amounting to JPY 110,000 million […]
By Padraig O’Hannelly. Insurance is a complicated business, and as economies develop they demand more of it. This brings challenges, such as how to assess claims when the skills are not readily available locally, how to satisfy reinsurers that risks have been correctly priced and losses properly assessed, and how to develop lower-premium business without […]
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 8.375 percent. The bond placement received strong investor demand across international markets and was oversubscribed. The bond issue is expected to be settled on or about 29 […]
