By John Lee. The World Bank has awarded Iraq's Ministry of Oil a certificate of appreciation for its efforts and success in reducing the flaring of associated gas. The award was made for the work of the Basra Gas Company (BGC), by the Bank's Global Gas Flaring Reduction Partnership (GGFR), a public-private initiative comprising international […]
Fitch Ratings has revised its outlook on Iraq's Long-term foreign currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR at 'B-'. The Country Ceiling has been affirmed at 'B-' and the Short-Term foreign currency IDR at 'B'. KEY RATING DRIVERS The revision of the Outlook reflects the following key rating drivers: […]
By Ali Mamouri, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq’s economic crisis is about to get worse. The government, which relies on oil for 90% of its revenue and 80% of foreign exchange earnings, faces plunging oil prices combined with rampant corruption and […]
Prime Minister Dr. Haider Al-Abadi met the President of the World Bank, Mr. Jim Yong Kim, and his accompanying delegation on Thursday on the sidelines of the World Economic Forum in Davos. During the meeting, they discussed the World Bank's support for Iraq with expertise and simplification of procedures and help to reform the banking […]
The World Bank expects the Iraqi economy to grow 3.1 percent in 2016, according its flagship "Global Economic Prospects" report released yesterday. This follows an estimated growth of 0.5 percent last year, driven by increased oil production. Growth rates of 7.1 percent and 6.5 percent are predicted for 2017 and 2018 respectively. These figures are […]
A US$1.2 billion loan will support Iraq in strengthening fiscal stabilization and improving efficiency in the energy sector to help counter the effects of the drop in oil prices and rising security costs. The World Bank Group’s Board of Directors acknowledged the Government of Iraq’s engagement in a rigorous reform program and approved the Emergency […]
The Chairman of Iraq’s National Investment Commission (NIC), Dr. Sami Al-Araji, has signed the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention). Iraq has become the 160th country to sign the Convention and the 152nd country to become a member of the International Centre Settlement of […]
By John Lee. Iraq has been ranked 161th out of 189 countries in the World Bank‘s recent Doing Business 2016 report, down from 156th place the previous year. Top of the list were Singapore, New Zealand and Denmark, with last place going to Eritrea, just behind Libya and South Sudan. The pace of business regulatory […]
The Basrah Gas Company (BGC) has been awarded the World Bank’s prestigious Global Gas Flaring Reduction Partnership (GGFR) Excellence Award for 2015. The GGFR Excellence Award recognises governments, oil companies and other organisations that have made a significant contribution to gas flaring reduction in the upstream sector of the industry through associated gas utilisation projects, […]
By John Lee. On the sidelines of UN General Assembly meetings, foreign affairs minister Dr. Ibrahim Al-Jaafari met Vice President of World Bank for Middle East and North Africa, Mr. Hafez Ghanem. They discussed the World Bank work mechanism and the support that the bank can contribute to reduce the crisis of decline in oil […]
By John Lee. The Governor of Basra, Majid Al-Nasrawi [Alnasrawi] (pictured), has called on Filipino companies to invest in the province. During a meeting with the country's Chargé d’Affaires, Elmer Cato, he stressed that Basra and the rest of southern Iraq remain safe for investors. Citing the example of the Manila-based International Container Terminal Services Inc. […]
A new World Bank project in Iraq will support the reconstruction of the country’s conflict-wrecked infrastructure and restore public services in municipal areas under Government control. The US$350 million financial assistance package, approved by the World Bank Board of Directors, will contribute to Iraq’s efforts to rebuild state institutions and put the economy on the […]
