US International Development Allocates $50 Million To The National Bank Of Iraq To Finance Entrepreneurs In Iraq
Economy News – Baghdad The US International Development Finance Corporation (DFC) and the US Agency for International Development (USAID) signed a loan agreement worth $50 million for the benefit of the National Bank of Iraq (NBI), with the aim of expanding access to financing for entrepreneurs.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani witnessed the signing ceremony of the agreement. On the sidelines of a meeting of the Iraqi-American Supreme Coordination Committee.
This loan, which was attended by the CEO of the American International Development Finance Corporation, Scott Nathan, and the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Salem, is the first loan provided by the American International Development Finance Corporation to a commercial bank in Iraq.
After signing the agreement, Al-Salem said: “We are proud to be the first commercial bank in Iraq to sign a loan agreement from the US International Development Finance Corporation and the US Agency for International Development, and we see this partnership as an important step and a unique opportunity to support economic and investment growth in Iraq by enhancing the capabilities of Ruwwad.” businesses and increase their opportunities to obtain the necessary financing to support their projects.”
Al-Salem extended his thanks to the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, to His Excellency the Governor of the Central Bank of Iraq, Dr. Ali Mohsen Al-Alaq, and to the international financial institutions for their continued support for entrepreneurs and small and medium-sized companies, stressing the National Bank of Iraq’s commitment to achieving the two sides’ shared vision for progress and prosperity in the country, pointing out that this The agreement will be a strong incentive to achieve these goals.
CEO of the US International Development Finance Corporation, Scott Nathan, affirmed the company’s commitment to unleashing Iraq’s economic potential and empowering its private sector by providing meaningful financial support to small projects.
He said: “Today’s announcement is an important step in advancing our efforts. This investment will contribute to increasing access to... First-time female borrowers and entrepreneurs access financing across Iraq.”
For her part, USAID Mission Director in Iraq, Ellis Jensen, said: “Access to financing is the main driver in the process of innovation, economic growth, and job creation, so USAID’s support will enable private banks to overcome liquidity challenges and provide affordable business loans.”
For small projects, and through our partnership with the National Bank of Iraq and the US International Development Finance Corporation, we will help create a stronger, more diverse, and more inclusive private sector in Iraq.”
In turn, the Managing Director of the National Bank of Iraq, Ayman Abu Dhaim, said: “The Iraqi government’s commitment to creating an environment conducive to growth, and the strategic focus of the Prime Minister and His Excellency the Governor of the Central Bank of Iraq on empowering small and medium enterprises, is a major focus in our reaching this important achievement.
We are confident “This cooperation will support the creation of a more inclusive and dynamic economy in Iraq.”
It is expected that this loan will contribute to increasing opportunities for small Iraqi companies to obtain financing through the largest private sector bank in Iraq. This initiative will give priority to first-time borrowers and will allocate funding to projects owned by women, which attests to the increase in the number of small projects in Iraq.
In addition to financing, during the project preparation, USAID provided advisory services to facilitate loan negotiations between the National Bank of Iraq and the American International Development Finance Corporation and accelerate the completion of the deal, while the American International Development Finance Corporation is considered the official lender.
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