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 2022-06-29 04:41
 

Shafaq News/ The World Bank confirmed, on Wednesday, that Iraq has an opportunity to diversify its economy and address the human capital crisis.

The Special Representative of the World Bank in Iraq, Ramzi Neiman, said during the "Access to Finance" conference, which was attended by Shafak News Agency, that Iraq began to gradually emerge from the crisis after its economy contracted in the year 2020 following the decline in oil prices, noting that "the Iraqi economy grew in the year 2021." With the rise in oil prices and the increase in oil revenues.

He added, "The World Bank believes that Iraq has an opportunity to reorient the government program, diversify the economy, and address the human capital crisis in the country," noting that "the World Bank sees that the solutions lie in supporting small companies and establishing and supporting projects and companies through electronic support."

And the Iraqi state’s continuation of relying on oil as the only source of the general budget makes Iraq at risk of global crises that occur from time to time due to the impact of oil on it, which makes Iraq turn every time to cover the deficit through borrowing from abroad or inside, which thus indicates the inability to manage Effectively state funds, and the inability to find alternative financing solutions.

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 2022-06-29 04:12
 

Shafaq News/ The Central Bank of Iraq said, on Wednesday, that it saved the Iraqi economy from collapse in 2014, while America stated that it contributed 40 million dollars in aid to Iraq to develop the Iraqi economy.

Central Bank Governor Mustafa Ghaleb Makheef said during the "Access to Finance" conference, which was attended by Shafak News Agency, that "the bank was able to stop the collapse of the Iraqi economy during the year 2014 with the collapse of security conditions and the drop in global oil prices through a package of financing operations," noting that " The task of the central bank is to address challenges at critical times for the economy.

He added, "The bank was able through launching financing initiatives, including liquidity support system" rel="">support for government banks and initiatives to finance farmers' dues," noting that "the financing of these initiatives has currently reached 18 trillion dinars."

He pointed out that "the bank intensified its efforts in the field of clean energy through the initiative to finance one trillion dinars to purchase electricity generating units operating on solar energy," explaining that this funding was "launched in cooperation with the Association of Banks, a social initiative that contributes to linking the banking sector with society to develop some shrines." religious, tourist facilities, job opportunities, and others.

For her part, the US Ambassador to Iraq, Alina Romanowski, confirmed that “the US government is proud to launch the activities of the conference to build a thriving private sector on the basis of transparency,” noting that “on the 18th of last May, the US Agency for Development attracted more than $40 million in private investments. seeking to support system" rel="">support economic growth and promote greater prosperity throughout Iraq."

"I announce today an important partnership project to build the first gas separation plant between the private sector and the Ministry of Industry and Minerals, and the project creates more than 30,000 job opportunities," she said.

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Washington's Ambassador: A partnership project to build the first industrial gases separation plant in Iraq
 

  

Baghdad - people   

On Wednesday, US Ambassador to Iraq Alina Romanowski affirmed the US Agency for International Development's commitment to building a thriving private sector based on transparency and equal opportunities, revealing a public-private partnership project to separate industrial gases in Iraq, which will help reduce Iraq's dependence on importing medical oxygen and nitrogen. Liquid also strengthens local supply chains and creates a number of new jobs.   

 

  

In her opening speech to the USAID symposium on (Accessing Funding in Iraq) attended by Nass reporter (June 29, 2022), Romanowski said: “I am proud of the continued support system" rel="">support of the United States of America for our Iraqi partners to develop a more prosperous, transparent, and inclusive Iraqi private sector. ".   

  

"In the past 18 months alone, USAID has attracted more than $40 million in private investment seeking to support system" rel="">support economic growth and foster greater prosperity across the country," she added.  

  

In her speech, she explained, "Let me highlight some success stories:  

  

- We ended the year 2021 with the help of Miswag, the Iraqi e-commerce market, in securing more than $1.6 million to expand its operations.  

  

- At the beginning of 2022, we helped Al-Saree, the Iraqi food and delivery service program, secure more than $4 million by introducing them to new investors and facilitating the investment process.   

  

A few weeks ago, USAID helped facilitate an investment of $18 million for Toters, one of the start-ups and market leader in the online Middle East market in Iraq.   

  

- We have also granted more than $150,000 to Green Shovel, a startup company for greenhouses and modern irrigation systems, as part of USAID's efforts to promote an environmentally friendly green economy in Iraq.  

  

She also indicated that the organization has made progress in enhancing lending opportunities for Iraqi companies. As USAID is in the early stages of supporting a loan guarantee program in cooperation with Iraqi private banks through the United States Development Finance Corporation, this project will lead to an expansion of the lending profile to Iraqi private banks—with a particular focus on women-owned or managed companies. before them. In addition, USAID has awarded approximately $400,000 to Stitching SPARK and the Iraqi Private Banking Services Association to promote innovative financial solutions as well as increase lending opportunities for local businesses.   

  

It also announced an "important public-private partnership project to build the first large industrial gas separation plant in Iraq, which was made possible thanks to the support system" rel="">support provided by the United States Agency for International Development, as this eight-figure investment, which was formed as a public-public partnership It will replace a state-owned factory and help reduce Iraq's reliance on importing medical oxygen and liquid nitrogen, as well as strengthening local supply chains and creating more than (30) new jobs."   

  

She indicated that the US Agency for Development has supported "Atlas Technical Group in cooperation with Al-Majal Oil and Energy Services Company as an investor and partner for this important project. A historic partnership that will bridge the critical needs of the industrial gas supply chain and create the potential for more effective partnerships in the future.”   

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money and business
   

Economy News - Baghdad
The representative of the World Bank in Iraq, Ramzi Numan, confirmed that 60% of job opportunities in Iraq are carried out by small and medium enterprises.

Noman said at a conference on supporting small and medium-sized enterprises in Baghdad that "Iraq is gradually emerging from the deep recession that it experienced in the year 2020 due to the Corona pandemic," adding that "Iraq achieved economic growth of 2.2% in the year 2021 after the economy had contracted by 11% in the year." 2020".

He pointed out that "Iraq has a unique opportunity to start rapid reforms and redirect government spending towards programs that improve growth, which is very important and address the problem of human capital in Iraq."

He pointed out that "the market for small companies is still small and limited, because Iraq suffers from the absence of an environment incubating entrepreneurship and most of the small and medium companies are not registered," noting that "small and medium companies provide 60% of the job opportunities available in Iraq."

He pointed out that "the small and medium-sized companies sector suffers from low services and financial intermediary, which made it the smallest sector in Iraq and the region."

 
 

Views 195
Added 06/29/2022 - 12:37 PM
Update 06/29/2022 - 6:12 PM
 
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Central Bank embarks on a package of measures to save the economy from a certain abyss

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economy 09:11 – 29/06/2022

 

Baghdad - Mawazine News

Today, Wednesday, the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, announced that the bank has started a package of measures to save the economy from a certain abyss, indicating that one of the bank’s priorities is to enhance financial inclusion and secure access to financial and banking services to the community.

He said, "The Central Bank of Iraq has initiated a package of measures to save the economy and economic institutions from a certain abyss, after a state of despair and panic prevailed among dealers in the economy, and those dealing with state institutions, after the reluctance that occurred in the performance of its obligations with them."

He added, "The Central Bank made access to financing possible when it launched a number of qualitative and courageous initiatives that enabled our society to feel safe through our initiatives that covered different and important sectors," noting that "the Bank is not kind to these procedures and initiatives, and finds itself only in Where it should be.”

He stressed that "the goal of enhancing financial inclusion, and securing access to financial and banking services to the community, was one of our priorities that we are working on with short, medium and long-term plans," noting that "access to finance is no longer a dream intertwined with red tape, corrupt and closed-off hands, but rather has become a national path in The work of the banking sector and microfinance institutions, and defending it has become a priority for the Central Bank and the banking sector alike.” Ended 29 / p. 87

 

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Scary: The Central Bank has embarked on a package of measures to save the economy from a certain abyss

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Baghdad: Central Bank Governor Mustafa Ghaleb ScaryWednesday announced that the bank has launched a package of measures to save the economy from a proven abyss, indicating that one of the bank's priorities is to promote financial inclusion and ensure access to financial and banking services for the community.
"The Central Bank of Iraq has embarked on a package of measures to save the economy and economic institutions from a certain abyss, after a state of despair and panic among economists and those dealing with state institutions, after the delay in fulfilling their commitments with them ," Hesse said in a speech at the "Access to Finance" conference held at the Rashid Hotel, with the participation of the public and private sectors, and followed by the Iraqi News Agency (AIA).“The Central Bank made access to finance possible when it launched a number of qualitative and courageous initiatives that enabled our society to feel safe through our initiatives that covered different and important sectors,” he said, adding that “the Bank is not favored by these actions and initiatives, and finds itself only in the position where it should be."
“The goal of promoting financial inclusion and ensuring access to financial and banking services for society has been one of our priorities, which we are working on with short, medium and long-term plans,” he said, noting that “access to finance is No longer a dream that meets the hands of red tape, corrupt and closed-end, but has become a national path in the work of the banking sector and microfinance institutions, and its defense has become a priority for both the central bank and the sector."

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June 29, 2022
The Governor of the Central Bank of Iraq participates in the (Access to Finance) conference

 

 

 



The Governor of the Central Bank of Iraq participates in the (Access to Finance) conference
 
The Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhief, confirmed that the Central Bank continues to perform its roles prescribed by law in monitoring the financial and banking sector. 
His Excellency said today, Wednesday, that the Central Bank is pushing the financial and banking sector to greater horizons.
His Excellency added in his speech at the "Access to Finance" conference, which was held at the Al-Rasheed Hotel, with the participation of the public and private sectors: The Central Bank of Iraq has initiated a package of measures to save the economy and economic institutions from a certain abyss, after a state of despair and panic prevailed among the dealers in the economy. And those dealing with state institutions, after the reluctance that occurred in the performance of their obligations with them.
He added: The Central Bank made access to finance possible when it launched a number of qualitative and courageous initiatives that enabled our society to feel safe through our initiatives that covered different and important sectors.
His Excellency pointed out that the Central Bank of Iraq is not kind to these measures and initiatives, and finds itself only in the position it should be in.
The Governor clarified that the goal of enhancing financial inclusion and securing access to financial and banking services to the community was one of our priorities that we are working on with short, medium and long-term plans, and that access to finance is no longer a dream intertwined with red tape, corrupt and closed-minded hands, but rather has become a national path in the work of the banking sector and institutions Microfinance, and its defense has become a priority for the Central Bank and the banking sector alike.

Central Bank of Iraq 
Media Office 
29 - June - 2022
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June 29, 2022
A delegation from the Central Bank of Iraq participates in the activities of the exhibition of modern technologies in Erbil

 

 

 



A delegation from the Central Bank of Iraq participates in the activities of the exhibition of modern technologies in Erbil

On Tuesday, June 28, 2022, the Central Bank of Iraq delegation participated in the activities of the exhibition of modern technologies held on the grounds of the Erbil International Fair, and visited the pavilions of banks and modern technology companies.
Today, Wednesday, 06/29/2022, the delegation participated in the Partnership Forum between British companies and Iraqi companies in the Kurdistan Region.
The Deputy Governor gave a presentation on the tasks, roles and development initiatives of the Central Bank of Iraq, and the progress witnessed by the banking sector under the supervision and support of the Central Bank for this sector.
The President of the Association of Private Banks and a number of officials in the Central Bank participated in these events.

Central Bank of Iraq
Media Office
29 - June - 2022
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 Baghdad: morning
 
US Ambassador Alina Romanowski said that her country considers itself a strong partner for Iraq, indicating that the US presence is working to develop the economy and the private sector in all parts of the country, including the Kurdistan region.
Romanowsky added during the "Access to Finance" conference in Baghdad, in the presence of Central Bank Governor Mustafa Mokhif, that "the United States is a strong partner for Iraq and we help its development and economic prosperity," noting that "the development of the Iraqi private sector is very important to us and we are trying to provide investment opportunities for companies." ".
She added, "Holding this conference came to access financing as well as access to the private sector and companies and open the door for investment," explaining by saying: "We are in Iraq to work on developing the economy and the private sector in all parts of Iraq, including the Kurdistan region, where our joint efforts are directed with the Iraqi side. working to provide financing and achieve prosperity."
Romanowski stressed "the need to finance start-ups and small projects, which are an essential lifeline," pointing out that "convening this conference came to confront these challenges."
The Central Bank of Iraq announced, today, Wednesday, that it saved the Iraqi economy from collapse in 2014, while Washington indicated its contribution of $40 million as aid to develop the Iraqi economy.
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