Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
By John Lee. Iran's First Vice President, Es’haq Jahangiri, has said Iran is ready to provide Iraq with a line of credit (LOC) of "up to" three billion dollars to pave the way for the Iranian private sector’s active participation in the reconstruction of the country. According to Iran's PressTV, he made the statement at […]
IFC and Central Bank of Iraq to Strengthen Corporate Governance in the Banking Sector The International Finance Corporation (IFC), a member of the World Bank Group, and the Central Bank of Iraq (CBI) are launching a series of specialized workshops, starting today, to raise corporate governance standards in Iraqi banks and strengthen the country’s banking […]
By John Lee. The Islamic State group (IS, ISIS, ISIL, Daesh) has reportedly laundered its cash reserves by investing in legitimate businesses in Iraq and elsewhere. According to a report from The Economist, in Iraq it has used middlemen to buy farms, car-dealerships, hotels and hospitals. It adds that weak institutions and rampant corruption make […]
By Ahmed Tabaqchali (pictured), CIO of Asia Frontier Capital (AFC) Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. ‘It’s Not the Donations, Stupid’: Key Points from the Kuwait Conference With a few exceptions, the coverage of the “Kuwait International Conference for the […]
By John Lee. Prime Minister Haider al-Abadi has promised to crack down on corruption, and says laws will protect nervous foreign investors. He told CNBC: "We are laying down all the legal framework ... I think the worry is corruption, number one, which is hiding behind red tape and bureaucracy. We have established a higher […]
On Tuesday, the Export-Import Bank of the United States (EXIM) entered into a memorandum of understanding (MOU) with Iraq’s Ministry of Finance aimed at rebuilding Iraq and enhancing trade and economic cooperation between the two countries. EXIM’s Acting Vice Chairman Scott Schloegel signed the MOU today with Iraq’s Deputy Finance Minister Dr. Maher Hammad Johan […]
The World Bank Group and the Government of Iraq signed two projects today totaling US$510 million to help the Iraqi people by improving living conditions, enhancing water supplies, and creating jobs. The two projects along with the ongoing US$750 million Emergency Operation for Development program and other planned commitments, will increase the World Bank’s total […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq is hoping for more concrete pledges from international donors on the second day of a conference on rebuilding cities and infrastructure shattered by the conflict with ISIL (the Islamic State of Iraq […]
By John Lee. Iraq's National Investment Commission (NIC) has just announced the list of major strategic projects to be presented during the Kuwait International Conference for Iraq Reconstruction, to be held in Kuwait from 12th to 14th February. The 157 large- and medium-sized projects span all sectors of the Iraqi economy, including oil and gas, […]
Iran’s president called for stronger banking relations with Iraq to allow for a growth in the bilateral trade and economic cooperation. In a meeting with Iraq’s parliament speaker in Tehran on Tuesday, President Hassan Rouhani said expansion of economic and trade ties between the two neighbors hinges on enhanced baking relations. The central banks of […]
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. The United Nations Security Council (UNSC) has agreed to lift sanctions imposed on Iraq when the country invaded Kuwait 27 years ago. The Iraqi Foreign Ministry said Dec. […]
By John Lee. Shares in Genel Energy closed the day up 5.9 percent on Wednesday, after the company's bondholders approved its proposal to reduce the outstanding bond debt from $421.8 million to $300 million. It will also extend maturity through amending and restating terms to a new 5 year tenor. DNB Markets and Pareto Securities […]
