Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
By John Lee. Fitch Ratings has affirmed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) at 'RD' (Restricted Default) and Viability Rating (VR) at 'f'. Fitch has also withdrawn the bank's ratings. It says that, before the rating withdrawal, SCB's IDRs reflected the Central Bank of Iraq's (CBI) intervention, which […]
By John Lee. UK Export Finance (UKEF), the UK's export credit agency, has announced that it has secured £226 million [$285 million] in financing for the Iraqi government to develop over 350 kilometers of drainage infrastructure as well as 15 kilometers of stormwater and wastewater lifting stations near Hillah city. Upon completion, the project is […]
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani met with Zhang Jiming, the CEO of China's Changxin Company [Shanxi Changxin?], and accompanying delegation. The Prime Minister highlighted Iraq's abundant investment opportunities during the meeting, expressing the government's commitment to providing necessary facilitations for major international companies. Shang Xin Corporation, a prominent Chinese company with global […]
From the United Nations Development Programme (UNDP): A more investment-friendly economy in Iraq through UNDP`s arbitration initiative Iraq has been taking solid actions to adopt laws and policies that foster investment-friendly economic development intending to end systematic corruption, diversify its oil-dependent revenue and better serve its people. UNDP in Iraq has been working closely with […]
From the United Nations Development Programme (UNDP): Iraqi Anti-Corruption Academy Launches Laserfiche: A Digital Transformation Milestone Against Corruption E-governance represents a fundamental shift in the way governments around the world are embracing their mission. By harnessing the potential of technology, Governments are able to establish clear administrative objectives, enhance the quality of public services, make […]
By Sarhang Hamasaeed, Mac Skelton and Zmkan Ali Saleem, for the United States Institute of Peace (USIP). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Climate Adaption Key to Iraq's Stability and Economic Development As water scarcity grows, Iraq's government needs a comprehensive […]
By John Lee. The United Nations Development Programme (UNDP) in Iraq has launched a new Financial Investigations Handbook, which it describes as a practical guide for conducting parallel, integrated financial investigations, for use by investigative judges and institutions who are responsible for conducting criminal investigations. Full statement from UNDP: This week, Iraq took a significant […]
By John Lee. KRG Prime Minister Masrour Barzani has inaugurated the Van Steel Iron Factory in Erbil. According to a statement from the KRG, the factory, operated by Galiawa Group, is now the largest iron and steel facility in the Kurdistan Region and Iraq. In his speech, Prime Minister Barzani thanked Galiawa Group for their […]
By John Lee. Prime Minister Mohammed Shia al-Sudani has chaired a special meeting on carbon emissions, attended by ministers of oil, electricity, and environment, along with energy advisors and sector specialists. He directed the formation of a public company for carbon economies under the Ministry of Environment and instructed the regulation of energy contracts in […]
The Iraq Britain Business Council (IBBC) has announced more leading speakers for its Dubai conference on 7th and 8th December, including H.E. Mr Zyad Ali Fadhil, Minister of Electricity, Dr Samir Al Waely, CBI, Dr Abdulkareem, AL Faisal, Chairman of PM's advisory council, Ms Begard Talabani the Minister for water resources and agriculture, Dr Salar […]
By John Lee. As part of financial and economic reforms, the Iraqi Cabinet has endorsed recommendations to conduct all state contracts within Iraq in Iraqi dinars. There will be exceptions for ongoing external grants, loans, and agreements, and new contracts involving foreign grants, loans, and agreements may adhere to agreed-upon foreign currency terms, as specified […]
By John Lee. The Economic Relations Department of Iraq's Ministry of Trade participated in the first conference to formulate Iraq's five-year national development plan. The event, held in Baghdad and attended by the Prime Minister, focused on collaborative efforts for the nation's developmental future under the theme "Working Together to Shape Iraq's Development." Director General […]
