Representing diplomats behind the establishment of the World Bank office

[6ly410]

22 minutes ago, Butifldrm said:

Economy

Sunday 11 November 2018 07:48 PM

| Number of readings: 45

 

Iraqi National Bank signs strategic partnership with IFC to stimulate economic growth

 

 

The Iraqi National Bank signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to facilitate the access of Iraqi National Bank customers from the corporate sector to international markets, boost trade and stimulate economic growth.

The two parties also signed a Memorandum of Understanding (IFC) to provide support system">support to the National Bank of Iraq in the field of corporate governance.

The agreement and memorandum of understanding were signed at a special ceremony held on this occasion. The agreement and memorandum of understanding were signed by Ayman Abu Dheim, CEO of Al Ahly Bank of Iraq and Dalia Wahba, Director of the International Finance Corporation for the Levant region. The signing ceremony was attended by a number of representatives of the official Iraqi financial institutions, as well as clients of the bank from the corporate sector and members of its Board of Directors and members of its executive management.

According to the agreement, IFC will include the Iraqi National Bank as part of the International Business Operations Program, which will enable the Bank to provide indirect trade facilities with a total value of US $ 10 million for the corporate sector in the Iraqi market and IFC bailout. Thus, the Iraqi National Bank is the only Iraqi banking institution affiliated to the program.

"We view this partnership as a strategic step that reflects the confidence of the World Bank, a representative of the International Finance Corporation (IFC) in the Iraqi National Bank in particular and the Iraqi banking sector in general," said Bassem Al Salem, Competitive banking services to its corporate clients, helping them to grow their business, import basic materials to Iraq and access global markets, which will play a pivotal role in promoting economic growth. "

He added: "The Iraqi National Bank has been able to open up to the outside world during the past years, which enabled it to obtain ceilings to finance trade from a number of correspondent banks, which reflected positively on the volume of appropriations issued, which rose to more than 700 million dollars in 2017 "The bank's strategic partner, Capital Bank, which has 62% of the capital of the National Bank of Iraq, has been commended for providing all forms of support system">support since its contribution to the bank in 2005."

"Cross-border trade has a positive impact on the local economy and contributes to the upgrading of the banking sector," said Dalia Wahba.

"IFC will enable the NCB to expand its network of correspondents and support system">support its business diversification strategy, which is important and sustainable in the long term."

This initiative comes within the framework of the Global Finance Finance Program implemented by the International Finance Corporation with a budget of US $ 5 billion. The program works with more than 600 partner banks around the world, providing partial or full guarantees as well as covering potential risks.

Finance plays an important role in facilitating cross-border trade, filling gaps in the market between importers and exporters by providing guarantees to banks, and supporting the creation of new jobs and reducing poverty.

The agreement is part of IFC's strategy to support system">support the economies of developing countries affected by conflicts and help them recover from years of economic downturn.

As for the MoU, IFC provides support system">support to the National Bank of Iraq in strengthening the corporate governance system to ensure that best practices are applied in this area and to strengthen governance and governance frameworks.

http://aynaliraqnews.com/index.php?aa=news&id22=108434

Wow great article thanks

Edited November 11, 2018 by 6ly410

[Synopsis]

8 hours ago, yota691 said:

Economy News - Baghdad

Al-Ahli Bank announced on Sunday the signing of an agreement with the International Finance Corporation concerning the bank's accession to the World Trade Finance Program through which the Corporation will guarantee the bank 10 billion dollars against letters of guarantee executed by the Iraqi bank to its customers. The agreement is an important "starting point" for the bank.

 

1 hour ago, Butifldrm said:

The banking procedures that we have taken have gone a long way in strengthening Iraq's position in the AML / CFT classification, which today is a key and important issue in Iraq,"

 

1 hour ago, Butifldrm said:

It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies

 

Why the World Trade Finance Program ascension if World Trade was NOT to be conducted???!!! Why NOW???!!!

 

Letters of Guarantee vs. Letters of Credit companies are suppose to have to guarantee they will pay their bills. There may or may not be a difference.

 

10 Billion Dollars leveraged 10:1 means 100 Billion Dollars advertised to complete the reconstruction. Not sure if leveraging applies here. Just thinking out loud. I heard Lehman Brothers was leveraged 1,000:1 so 10:1 seems pretty mild and safe.

 

Strength in the AML/CFT aught to bode well for stable investment purposes.

 

All financial and money related entities in Iraq being supervised lends to integration and agility (we hope)!!!

 

All In All, LOOKIN' GOOD!!!

 

 

Go Moola Nova!

[6ly410]

https://cbi.iq/

[6ly410]

9 hours ago, Laid Back said:

All of the international financial institutions will be able to open their doors and relationships with our banking institutions in Iraq." 

Bump 

[Butifldrm]

International Finance and an Iraqi bank sign a strategic partnership to stimulate economic growth

08:15 - 12/11/2018

 

  

Information / Baghdad ..

The Iraqi National Bank signed with the Finance Corporation, one of the World Bank Group and under the supervision of the Central Bank of Iraq, a strategic partnership to support the commercial sector and stimulate economic growth.

"This partnership is a strategic step that reflects the confidence of the World Bank in the bank in particular and in the Iraqi banking sector in general," Al-Salem said in a statement.

"In accordance with the agreement, IFC will include the NCB within the International Business Operations Program, which will enable the Bank to provide US $ 10 million in indirect commercial facilities to the corporate sector in the Iraqi market and under the sponsorship of IFC," Al Salem added.

"The cross-border trade has a positive impact on the local economy and contributes to the upgrading of the banking sector," said Dalia Wehbe, IFC Director for the Levant region.

"IFC will enable the National Bank of Iraq to expand its network of correspondents and support its diversification strategy, which is important and sustainable in the long run," she added. Ending / 25

https://www.almaalomah.com/2018/11/12/363433/

[Laid Back]

The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C.. It was established in 1956, as the private-sector arm of the World Bank Group, to advance economic development by investing in for-profit and commercial projects for poverty reduction and promoting development. The IFC's stated aim is to create opportunities for people to escape poverty and achieve better living standards by mobilizing financial resources for private enterprise, promoting accessible and competitive markets, supporting businesses and other private-sector entities, and creating jobs and delivering necessary services to those who are poverty stricken or otherwise vulnerable.

 

Go Investment 

Go private sector development 

Go open market economy 

[yota691]

The National Bank signs a contract with the World Bank to provide financial facilities of $ 10 million

 

Tuesday, November 13

 

 

Alsumaria News / Baghdad  The Iraqi National Bank signed a contract with the World Bank to grant financial facilities by 10 million dollars, while the Central Bank said that the partnership with international institutions will strengthen the banking system not only, but to provide technical support to them.  "The Iraqi National Bank signed a contract with the World Bank, represented by its financial arm, the International Finance Corporation (IFC) by granting financial and credit facilities of 10 million dollars to cover its commercial needs," Sami al-Araji, chairman of the National Investment Authority, told Alsumaria News.     "Such contracts are outside the traditional financial guarantees and will give Iraq an international view through such partnerships," Araji said.  For his part, the governor of the Central Bank of Iraq on the sidelines of the signing of the contract that "this relationship and partnership between the National Bank and the World Bank is an important starting point to reflect the development and progress to form its international relations and stabilize its position with the outside is a vital issue for the banking sector."  He added that "any bank without foreign arms can not progress and fulfill its banking services to the citizen," stressing that "when the relations with banks with important international institutions such as the World Bank, which not only express their capabilities financial support, but also provides important technical support, And the foundation of the institution, which can give the banking sector significant additions. "  He added that ""  The National Bank of Iraq was established in 1995 as a public shareholding company in the private sector, offering a full range of banking services. The bank's capital has been increased from 400 million Iraqi dinars at the time of incorporation to 250 billion Iraqi dinars (215 million US dollars) in December 2013. The Bank has received a rating of "BB" "By the agency Capital Intelligence has also been rated "Good" by the Central Bank of Iraq at the Iraqi National Bank currently 12 branches spread across all major Iraqi cities.

[Butifldrm]

The National Bank signs a contract with the World Bank to provide financial facilities of $ 10 million

 

 

09:49 - 13/11/2018

 

Baghdad Mawazine News

The Iraqi National Bank signed a contract with the World Bank to grant him financial facilities by 10 million dollars, while the Central Bank said that the partnership with international institutions will strengthen the banking system not only, but to provide technical support. 
The head of the National Investment Authority Sami al-Araji, who attended the signing ceremony in a statement received / Mawazine News, "The Iraqi National Bank signed a contract with the World Bank, the financial arm of the International Finance Corporation by granting financial and credit facilities by 10 million dollars to cover the needs of trade "He said. 


"Such contracts are outside the traditional financial guarantees and will give Iraq an international view through such partnerships," Araji said.


For his part, the governor of the Central Bank of Iraq on the sidelines of the signing of the contract that "this relationship and partnership between the National Bank and the World Bank is an important starting point to reflect the development and progress to form its international relations and stabilize its position with the outside is a vital issue for the banking sector." 


He added that "any bank without foreign arms can not progress and fulfill its banking services to the citizen," stressing that "when the relations with banks with important international institutions such as the World Bank, which not only express their capabilities financial support, but also provides important technical support, And the foundation of the institution, which can give the banking sector significant additions. " 


He added that "


The National Bank of Iraq was established in 1995 as a public shareholding company within the private sector to provide a full range of banking services for companies and individuals in Iraq. In view of the Bank's success and future growth, the Bank's capital was increased from KD 400 million upon incorporation to 250 billion Iraqi Dinars (US $ 215 million) in December 2013. The Bank was rated BB by Capital International Ratings. The Bank also received a "good" rating by the Central Bank of Iraq at the Iraqi National Bank currently 12 branches spread in all major cities of Iraq.
 

 https://www.mawazin.net/Details.aspx?jimare=19934

[NoviceInvestor]

Positive news again thank you Butifldrm and I wonder as I read all that is happening is how is this all going to play out in the months ahead, and once the auction s stop will the currency float from a gradual dropping of the zeroes or will it be a fixed rate..etc or will it still be a pipe dream.

[yota691]

"Iraqi National Bank" and "International Finance" sign a strategic partnership agreement

One of the branches of the Iraqi National Bank

 14 November 2018 11:18 p

Capital 
BNOI

 

8.00%0.270.02

 

Mubasher: The Iraqi National Bank ( BNOI ), listed on the Iraq Stock Exchange, signed a strategic partnership agreement with IFC.

The bank said in a statement that the agreement aims to facilitate the access of its customers from the corporate sector to the global markets.

The institution will include the bank to be the first Iraqi institution in the program of international commercial operations, and the bank can provide indirect trade facilities with a total value of 10 million dollars for the corporate sector in the Iraqi market, guaranteed by the institution.

In its statement, the Bank highlighted the role of the agreement in promoting trade and stimulating economic growth, and providing the institution, a member of the World Bank Group, to support the bank in the field of corporate governance.

The initiative comes within the framework of the international trade finance program of the institution and includes more than 600 banks worldwide, with a budget of $ 5 billion.

[yota691]

Date Published: Sunday - 2019-04-21 - 12:00

 

Representing diplomats behind the establishment of the World Bank office

 

  

 Follow @alrai

 

 

 

Amman - Farah Al-Alan

Minister of Planning and International Cooperation Mari Kawar said the creation of a World Bank office in Amman was meant to increase the representation of diplomats and give them residency privileges in Jordan. 

In a statement to Al-Rai, the minister denied the existence of an office of the bank to serve Jordan for more than ten years and said that this office exists to serve Iraq brotherly because it was impossible to have an office inside Iraq for security reasons. 

Kawar added that the office, which was established in Jordan since then, is a subsidiary of the International Finance Corporation (IFC) and not the World Bank. 

Kawar pointed to a program that serves the Kingdom with the World Bank Group of the International Development Association, the International Bank for Reconstruction and Development, the International Finance Corporation and MIGA for several years. In this program he called for the establishment of an office for the bank to serve its diplomats.