By John Lee. The Iraqi government has approved the transformation of the former Al-Rasheed military camp in eastern Baghdad into sustainable forests and recreational areas. The plan also includes the construction of a 12,000-unit residential complex on the site, replacing previous land allocations. Development will focus on environmentally friendly specifications and recreational activities, while an […]
By John Lee. The acting Finance Minister, Ali Yousef Shukri (pictured), is reported to have held a meeting with a representative of the World Bank to discuss the restructuring of the state-owned banks in Iraq. According to the report from NINA, the discussions related particularly to the Rasheed and Rafidain banks. (Source: NINA)
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq plans to increase the combined capital of the only two governmental banks in the country, from about $23 million currently to about $360 million next year. Deputies in parliament say that […]
Bloomberg reports that Iraqi Airways plans to halt an order to buy regional jets from Canada’s Bombardier in favour of larger planes most likely from Boeing or Airbus, after the government granted it a $300 million interest-free loan. The carrier is unlikely to convert on option to buy further 90-seat Bombardier CRJ900 planes after taking […]
Iraq's Cabinet has approved the establishment of a first state-owned Islamic bank in the country, said Mudher Saleh, deputy governor of the Central Bank of Iraq. This will bring to 12 the number of Islamic banks in Iraq. Two of the country's six state-owned banks, Rafidain Bank and Rasheed Bank, opened Islamic banking units earlier […]
Iraq's Ministry of Finance and Central Bank announced on Tuesday that Iraq will provide Islamic banking services in major banks owned by the state, under a plan worth $42 million which will be implemented this month. The Finance Ministry said on its website that Islamic transactions will be facilitated in the Rafidain and Al-Rasheed banks […]
The Central Bank of Iraq (CBI) said on Friday that the performance of private banks is better than the performance of state-owned banks, indicating that the lack of restrictions and bureaucracy in private banks gave them a competitive advantage. Muzher Mouhammed Saleh, the chancellor of the CBI, told AKnews: "The future in Iraq will be […]
Iraqi government-owned banks and the National Investment Commission (NIC) have signed a memorandum of understanding (MoU) on mechanisms to collect the necessary funds to build residential compounds and offer enough guarantees for investors, according to the Finance Ministry. “Minister of Finance, Baqer al-Zubaydi [Baqir Jabr Al-Zubeidi], chaired a four-hour meeting that dealt with the role […]
The Central Bank of Iraq has instructed private banks to raise at least $7 billion in fresh capital over the next three years to be able to handle an expected oil-fueled construction boom, according to the Wall Street Journal. Ahmed Ibraihi, Vice Governor of the Central Bank of Iraq, told the newspaper on Wednesday that […]
