Baghdad, Iraq, October 24, 2021 — The International Finance Corporation (IFC) today announced the provision of $10 million in financing to the National Bank of Iraq in a move aimed at supporting the growth of small and medium-sized companies in Iraq, helping them create job opportunities, and overcoming the challenges they face, including the repercussions Negativity of the COVID-19 pandemic .
The loan granted to the National Bank of Iraq will allow to increase lending to small and medium-sized companies operating in various sectors in Iraq. IFC will also provide the bank with advisory services to help it reach and better serve more Small and Medium Enterprises (SME) clients .
A report prepared by the World Bank showed that the Iraqi private sector provides about 60% of jobs in Iraq, and that small and medium-sized companies are responsible for most of them. Small and medium-sized companies in the country face many challenges, including the lack of liquidity .
Commenting on this loan, the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Al-Salem, said: “Small and medium companies in Iraq play an important role in the national economy, and with this loan from the International Finance Corporation, our bank will be able to continue its regular support for this vital sector by increasing finance and working capital, which in turn will drive business activity, preserve jobs, and ensure greater economic stability .”
For his part, Director of the Mashreq Region of the International Finance Corporation, Abdullah Jafri, said: "Supporting small and medium-sized companies is vital to diversifying the Iraqi economy, creating job opportunities, stimulating sustainable economic growth and achieving growth and prosperity, Especially after the Corona pandemic, which will have a significant impact on Revenues of small and medium-sized companies and their operations in Iraq .
The loan announced today includes support of up to $1 million from the Small and Medium Enterprises Support Fund ( GSMEF ) , a co-financing of the United Kingdom and the Kingdom of the Netherlands .
In 2020, the International Finance Corporation provided a similar loan to the National Bank of Iraq, amounting to 10 million dollars, in order to support small and medium-sized companies in Iraq as well .
It is worth noting that the International Finance Corporation (IFC) has committed, since 2005, an amount of $970 million to support the private sector in Iraq, with its current committed portfolio of about $121 million in sectors including energy, telecommunications and banking .
-is over-
About the International Finance Corporation
The International Finance Corporation ( IFC ), a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging market countries. IFC operates in more than 100 countries around the world, where it uses its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC to providing a record level of $31.5 billion in financing to companies and private financial institutions in developing countries, relying on the power of the private sector to eradicate poverty and boost shared prosperity, at a time when the investment of these countries grapple with the repercussions arising from the Corona pandemic. .For more information, please visit the website: www.ifc.org .
About the National Bank of Iraq
The National Bank of Iraq, owned by the Jordan Capital Bank Group since 2005, offers a full range of innovative banking services to companies and individuals in Iraq.
Thanks to its extensive network of correspondent banks, Capital Bank represents the National Bank of Iraq's gateway to the global import, as it facilitates sending and receiving internal and external remittances, granting credit facilities, and providing trade finance services. Through Capital Investments, the investment arm of Capital Bank - as well as providing trading services in the Iraq Stock Exchange through its wholly owned subsidiary, the Iraqi Money Company for the purchase and sale of securities.
The acquisition of the Lebanese Bank Audi business in Jordan and Iraq by the Capital Bank Group, before the end of 2020, strengthened the group's spread and presence in these two markets, as the National Bank of Iraq's branches increased from 13 to 18 branches.
Follow us
Contacts
In Cairo :
Sarah Ajour
Tel: +20003351941
Email: saggour@ifc.org
The National Bank of Iraq:
in Jordan:
Arab Aqeel
Tel: +2629776801114
Email: Orayb.akeel@capitalbank.jo
Stay Informed
Sign up to have customizable news & updates sent to you.