Businessmen Jailed in Iraq reach 3-year Milestone
By John Lee. Australian engineer Robert Pether and his Egyptian colleague Khalid Radwan have now spent more than three years in prison in Iraq. The pair were detained in April 2021 by authorities in Baghdad in relation to a dispute over the construction of the new Central Bank of Iraq (CBI) headquarters in Baghdad. They […]
Qatari Firm to Manage 492-Bed Hospital in Nasiriyah
By John Lee. Iraq's Ministry of Health has signed a contract with Qatar's Elegancia Healthcare, a subsidiary of Estithmar Holding, to manage, operate, and maintain a 492-bed hospital in Nasiriyah, in Dhi Qar province. The signing ceremony was attended by the Qatari Ambassador to Iraq, Sultan bin Mubarak Al-Kubaisi, the Director-General of Health in Thi […]
Iraq to issue New Bonds
By John Lee. The Central Bank of Iraq (CBI) has said it will issue a new series of bonds on behalf of the Ministry of Finance. The "Injaz/Enjaz" ["achievement"] bonds will be offered in two denominations: A 500,000 Iraqi Dinar (IQD) bond with an annual interest rate of 6.5 percent for a period of two […]
Iraq starts Production of Chinese Armoured Vehicles
By John Lee. The Defence Industries Commission of Iraq (DICI) has said it started to produce armoured military vehicles. Janes identifies the vehicle as the Chinese Norinco VN22 6x6. More here from Janes. Click here to view the DICI video. (Sources: DICI, Janes)
12 Saudi Companies sign MoU's with Iraqi Development Fund
By John Lee. The Development Fund for Iraq has signed Memoranda of Understanding with 12 Saudi companies. A statement from Saudi Arabia's Ministry of Investment did not specify the companies or the details of the MoU's, but said that they are intended to enhancing cooperation with Iraqi "in a number of qualitative investment projects." (Source: […]
New Hospital and Sewage Projects for Abu Ghraib
By John Lee. Prime Minister Mohammed Shia al-Sudani has launched the executive works in the Abu Ghraib Sewage Project on Thursday, as part of a strategic package of projects to address sanitation in Baghdad Governorate. The project will serve 300,000 people in the district, with a capacity of up to 41,000 cubic meters per day […]
Iraq sees Improvement in Non-Performing Loans
By John Lee. The Central Bank of Iraq (CBI) has announced a decrease in the ratio of non-performing loans to total credit. It said the ratio of non-performing loans to total cash credit decreased to 6.3 percent in 2023, compared to 7.2 percent in 2022, 8.8 percent in 2021, and 8.9 percent in 2020. Additionally, […]
Fitch Rates Iraq's Cihan Bank at 'CCC+'
By John Lee. Fitch Ratings has assigned Cihan Bank for Islamic Investment and Finance P.S.C (Cihan) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating, "reflects the weak operating environment, the bank's weak franchise, volatile business model, high risk appetite, including a high share of financial […]
World Bank Supports Iraq's Financial Reform Program
By John Lee. Finance Minister Satif Sami has met with Jean-Christophe Carre, the Regional Director for the Middle East at the World Bank, along with the bank's Special Representative in Iraq, Richard Abdulnour, and a number of experts and specialists. The meeting discussed development project priorities and ways in which the World Bank can support […]
New Bridge Opens in Baghdad
By John Lee. Prime Minister Mohammed Shia al-Sudani inaugurated the Cordoba Bridge in Al-Bab Al-Sharqi, central Baghdad, on Wednesday evening, one of the projects aimed at alleviating traffic congestion in the capital. During the inauguration, he commended the efforts of the Ministry of Reconstruction, Housing, and Municipalities, along with their personnel who worked to achieve […]
UN Launches Programme to Support Iraq in Climate Change Response
From the United Nations Office for Disaster Risk Reduction (UNDRR): UN Agencies Launch Joint Programme to Support Iraq, Jordan, and Lebanon in Climate Change Response The International Organization for Migration (IOM), the World Health Organization (WHO) and the United Nations Office for Disaster Risk Reduction (UNDRR) have launched a joint programme to support the health […]
Genel Energy outlines Payments to Govts for 2023
By John Lee. Genel Energy has just published details of its payments to governments for the year 2023: Introduction and basis for preparation This report sets out details of the payments made to governments by Genel Energy plc and its subsidiary undertakings ('Genel') for the year ended 31 December 2023 as required under the Disclosure […]