Al-Alaq announces the start of the second phase of the banking sector structuring plan
Economy News – Baghdad
Central Bank Governor Ali Mohsen Al-Alaq announced on Sunday the start of the second phase of the banking sector structuring plan.
The media office of the Central Bank of Iraq said in a statement received by “Economy News”, that “Al-Alaq received a delegation from the World Bank headed by the Regional Director for Fair Growth, Financing and Institutions for the Middle East and North Africa region, Nader Mohammed,” pointing out that “during the meeting, they discussed strengthening bilateral relations between the Central Bank of Iraq and the World Bank, especially the restructuring of government banks, and the launch of the Riyada Bank project and its economic and social importance. The two parties also discussed the experiences of neighboring countries in facing climate change and its impact on the national and regional economy.”
He added, “The meeting discussed medium and small projects and their support by the Central Bank, the development of the financial and banking sector and non-bank financial institutions, financial markets and the insurance sector, as well as benefiting from the World Bank’s experiences in digital transformation, financial inclusion, and digital banks,” noting that “the governor reviewed during the meeting the plan of the Central Bank of Iraq in structuring the banking sector,” noting that “this bank completed the first phase of the plan, and began with the second phase.”
Al-Alaq stated – according to the statement – that “the Board of Directors of the Central Bank licensed the Green Bank, which will be the nucleus of renewable energy initiatives and sustainable financing,” revealing “the direction of the Central Bank of Iraq to license a number of digital banks.”
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