Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
By John Lee. Iraq's General Directorate for Industrial Development (GDID) has launched a new loan mechanism for small, medium, and micro enterprises (MSMEs). The loans are made in conjunction with the Central Bank of Iraq (CBI), and can be worth up to 20 million Iraqi dinars ($15,000) per loan. Dr. Ali Ibrahim Janaan, Director General […]
By John Lee. The Iraq Development Fund Board, chaired by Prime Minister Mohammed Shia' al-Sudani, held its third meeting on Monday in the presence of the Minister of Finance, the Minister of Planning, and the Minister of Construction, Housing, Municipalities, and Public Works. The meeting discussed the projects included in the Fund's work plan, attracting […]
By John Lee. The Iraq Britain Business Council (IBBC) has announced the addition of MHDInternational to its network. According to a statement from IBBC: "MHDInternational, an engineering consultancy with operations throughout UK and the Middle East, joins IBBC in our mission to promote sustainable development and economic growth in Iraq ... "MHDInternational is also introducing […]
By John Lee. Prime Minister Mohammed Shia' Al-Sudani chaired the fifth meeting of the Supreme Council for Youth, discussing and approving several initiatives: The Council launched the National Entrepreneurship Competition, in collaboration with the Riyada initiative, to support 100 youth-led entrepreneurial projects with loans up to 100 million dinars [$76,00] each. Additionally, the Council approved […]
By John Lee. The International Monetary Fund (IMF) has issued a detailed report on the Iraqi economy. The following key points were highlighted: Improved Domestic Stability: Since the new government took office in October 2022, Iraq has experienced improved domestic stability. This facilitated the passage of its first three-year budget, which led to a large […]
By John Lee. Iraq's Ministry of Oil has signed a Heads of Agreement (HoA) with the Chinese company Geo-Jade and the Iraqi company Crescent Basra (Hilal al-Basra) to invest in the integrated development project at the Tuba field, in the Zubair district of Basra. According to a statement from the Ministry, the project would have […]
By John Lee. A former employee of STX Marine Service has reportedly been indicted for allegedly leaking information about the company's Iraqi power plant management project to a subcontractor in Iraq. The incident appears to relate to the company's $500-million project to restore and operate diesel-fueled electric power plants in Iraq. More here. (Source: Korea […]
By John Lee. SACE the state-owned Italian insurance and financial group, which specialise in supporting Italian companies and the national economy, has entered an agreement with the Trade Bank of Iraq (TBI) to support the development of the private sector in Iraq by promoting Made in Italy exports to the country, with a total value […]
By John Lee. Tunisian Foreign Minister Nabil Ammar and his Iraqi counterpart, Deputy Prime Minister and Foreign Minister Fuad Hussein, led the 17th session of the Tunisian-Iraqi Joint Committee in Baghdad. Both ministers highlighted the potential for economic growth, particularly in sectors like pharmaceuticals, agriculture, tourism, and transportation. They underscored the private sector's role in […]
By John Lee. Iraq's General Authority for Customs has announced a significane revenue increase for the first quarter of the current year, with expectations of doubling revenues upon completion of the automation project. The Authority's President, Hassan Al-Ugaili, told tate-run Iraqi News Agency (INA) that customs revenue increased by 28 percent from 2022 to 2023. […]
From Tasnim, under a Creative Commons licence. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The CEO of the National Iranian Gas Company (NIGC) said the gas contract between Iran and Iraq, which would finish at the end of June 20, 2024, was extended […]
By John Lee. Prime Minister Mohammed Shia al-Sudani opened the new Etihad Food Industries flour mill in the city of Medhatiah [Madhatiya], in Babil Governorate, on Thursday. The project, a private sector initiative, aims to produce up to one million tons per year of high-quality zero-grade flour. The prime minister also opened new production lines […]
