Signing a memorandum of understanding for cooperation between the International Development Bank and IFC in the field of investment and consulting

Economy News Baghdad

The International Finance Corporation (IFC), a member of the World Bank Group, has signed a memorandum of understanding with the International Development Bank (IDB), one of Iraq's leading private banks, to begin cooperation and expand financial services to the private sector and support the country's economy.

"This memorandum of understanding would help the International Development Bank for investment and finance strengthen its position locally and support private and public sector companies," the development bank said in a statement read by the economy.

"The cooperation between IFC and the International Development Bank is aimed at facilitating access to financial services such as loans, trade finance and other forms of financing to the Bank's customers, which ultimately helps them create jobs and contribute effectively to economic and social development."

"This agreement translates and confirms the achievements of the International Development Bank from bank maturity and implementation to leading practices in corporate governance as well as having a huge infrastructure in banking technology systems and maintaining a financial position," said Ziad Khalaf Abd, Chairman of the Bank. Strong and strong. "

"The International Finance Corporation (IFC) has always chosen leading partners in all the developing countries it works to promote sustainable projects in these countries which are characterized by economic benefit and financial and commercial integrity as well as social sustainability."

He also praised the importance of this agreement in the implementation of the decision of the General Secretariat of the Council of Ministers and circulars of the Central Bank, which aims to liberalize the banking sector and support in the implementation of commercial financing operations of public sector institutions and without the mediation of government banks.

"Iraq is a priority for the IFC and we remain committed to supporting its economic growth," said Dalia Wahba, IFC Director for the Middle East and North Africa.

She added: "The selection of the International Development Bank as our partner under the signed memorandum of understanding follows the recent emergence of the International Development Bank among eligible banks that have the infrastructure in line with the principles and requirements of IFC. We hope to provide various products and services to the Development Bank and its assistance To meet the needs of the public and private sector in trade finance operations. "


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