By John Lee. Iraq's Council of Ministers has authorized the Ministry of Electricity to contract with the Swiss company Loxstone Energy for the supply of gas from Turkmenistan to Iraq via Iran under a swap agreement. Due to the importance and urgency of this contract in maintaining the operation of power plants, the deal is […]
By John Lee. Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks. At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into […]
By John Lee. Iraqi Prime Minister Mohammed Shia' Al Sudani inaugurated the second specialized workshop to support the private industrial construction sector. During the event, a cooperation agreement was signed between the Trade Bank of Iraq (TBI) and the German Export Credit Agency to finance private sector development projects under the government's sovereign guarantee initiative. […]
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. The Trade Bank of Iraq (TBI) is joining My Account, the Kurdistan Region's "salary domiciliation program." A statement from the KRG said: "Following the instructions of Prime Minister Masrour Barzani, representatives from the Kurdistan Regional Government and My Account program held several meetings this week with representatives of the Trade Bank of […]
By John Lee. Under the auspices of Prime Minister Mohammed Shia' al-Sudani, a memorandum of cooperation was signed today between the Trade Bank of Iraq (TBI) and the Japan International Cooperation Agency (JICA), attended by Deputy Prime Minister and Minister of Planning Mohammed Tamim, and the Prime Minister's Technical Advisor Mohammed Sahib al-Daraji. The agreement […]
By John Lee. Fitch Ratings has affirmed Trade Bank of Iraq's (TBI) Long-Term Issuer Default Rating (IDR) at 'CCC+', Short-Term IDR at 'C' and Government Support Rating (GSR) at 'ccc+'. Fitch has removed the Stable Outlook on TBI's Long-Term IDR, which was previously published in error. It says the rating reflects, "the absence of any […]
By John Lee. In its 39th regular session, chaired by Prime Minister Mohammed Shia Al-Sudani, the Iraqi Cabinet made important decisions concerning the oil sector and infrastructure development for exports: The Ministry of Finance will allocate the total cost of IQD 1,265,444,000,000 [$967 million] for the construction of offshore pipelines (4 and 5) and a […]
From Tasnim, under Creative Commons licence. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. An Iranian official confirmed that the Iraqi government has released all of Tehran's frozen assets, amounting to $10 billion worth of energy debts. The funds have been deposited into an […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani met with a delegation from J.P. Morgan Bank, including Daniel Zelikow, Vice Chair, and Mr. Ghali Laraki, Head of MENA Public Sector Group. The meeting focused on supporting Iraq's banking sector, the Central Bank of Iraq (CBI), and the private sector. Discussions also touched on international […]
By John Lee. A new road map has been put in place for the continuation of work on the the giant Bismayah New City project on the outskirts of Baghdad. According to a statement from the National Investment Commission (NIC), South Korean company Hanwha is expected to sign a revised contract in the coming weeks, […]
By Ali Mamouri for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Explainer: What is behind Iraq's Central Bank shuffle and what is next? The economic crisis in Iraq as a result of the ongoing rise in the value of the US dollar […]
