🏦 “Iraq Banks Step Up: Central Bank Aligns with International Standards” 🌍💰
Highlights by PDK (Summary – Not Verbatim)
📰 Central Bank & Banking Reform:
🔹 Amended Bank List: The Central Bank of Iraq has updated its list of banks — previously limited to government banks — to meet international standards for foreign financing and correspondent banking. 🌐
🔹 Sovereign Guarantees & Projects:
Five projects are awaiting Cabinet approval for sovereign guarantees totaling 1 trillion IQD.
Six projects in total, with 600 billion IQD already approved and 400 billion IQD remaining.
Agreements exist with Spanish, German, and UK entities to support investment projects. ✈️💼
🔹 Private Bank Involvement:
The remaining projects under the 1 trillion IQD ceiling will now be handled by private banks, as per the Central Bank amendment.
The Trade Bank of Iraq (TBI) has been notified, and an agreement with a Dutch entity is expected to be signed within 1–10 days. 🏦🤝
🔹 Coordination Efforts:
The Sovereign Guarantees Committee has spent two years coordinating with financing banks, guaranteeing institutions, and the Industrial Bank to ensure smooth execution.
💭 Takeaway: Iraq is modernizing its banking sector to international standards, facilitating foreign investment, and enabling private sector participation in major projects — a step forward for economic growth and financial transparency.
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