Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI), in collaboration with the German Agency for International Cooperation (GIZ) and the Iraqi Private Banks League (IPBL), has announced the release of a guide for medium, small, and micro firms seeking finance.
During a conference held in Baghdad to launch the financing guide, CBI’s Deputy Governor Ammar Khalaf explained Iraq has seen different entities offering loans, requiring the Central Bank to create a guide that supports the national lending policy, the Iraqi News Agency (INA) reported.
The guide enables business owners to grow their enterprises. Additionally, it acts as an informative reference for all loans, offering new opportunities for quicker access and more rapid financing procedures, according to Khalaf.
The Iraqi official stated that Iraq’s banking reform policy will facilitate the processes for obtaining project funding based on a clear vision, thereby enhancing confidence in the Iraqi banking sector.
Last week, officials from the CBI met with representatives from Oliver Wyman, a global management consulting firm, to discuss a banking reform proposal offered by the IPBL to modernize Iraq’s banking industry and align operations with worldwide practices.
The proposal intends to stabilize the banking sector so that it can function securely and effectively in accordance with international standards, as well as local legislation, while also strengthening governance, compliance, and risk management.
The initiative also allows banks to perform an economic role that promotes growth while providing the most effective services possible.
The CBI noted that adopting the strategy will boost local and international trust in Iraq’s banking industry.
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