The National Bank of Iraq signs an unfunded facility agreement with the Arab Trade Finance Program

Update 07/12/2022 - 4:06 AM
  
Economy News-Baghdad

As part of its efforts to promote exports and imports of the industrial and service sectors in the Iraqi market, the National Bank of Iraq and the Arab Trade Finance Program recently signed an unfunded facility agreement .

The agreement was signed by Abdul Rahman bin Abdullah Al-Hamidi, CEO and Chairman of the Board of Directors of the Arab Trade Finance Program, and Board Member/CEO of the National Bank of Iraq Ayman Abu Dhaim .

Under the agreement, the Arab Trade Financing Program granted the National Bank of Iraq a line of credit to be used in financing Arab trade and to guarantee qualified commercial deals .

The Arab Trade Finance Program provides funded and unfunded credit facilities through the conclusion of risk-sharing partnership agreements with international financial institutions, in order to participate in the risks of the national agencies’ payment of their obligations, and also through the direct issuance of guarantees or irrevocable payment pledges to ensure that national agencies pay their obligations. arising from entering into commercial operations subject to the principles and uniform international norms .

 The CEO of the National Bank of Iraq, Ayman Abu Dhaim, expressed his pride in this cooperation with the Arab Trade Financing Program, which will support the plans of the National Bank of Iraq in providing the best services to its corporate clients in various commercial and industrial sectors, by supporting the financing of exports and imports of these sectors, in a way that contributes to the development of trade in Iraq. .

Abu Dhaim pointed to the bank’s achievements in the Iraqi market, where it was able to effectively contribute to the Iraqi economy and consolidate its distinguished position at the heart of the banking sector, which is the locomotive of development and the main pillar of various vital sectors, by providing banking products and services with high added value to its customers. From individuals and companies, and its investment in its infrastructure, it has witnessed over these years a remarkable increase in the number of its branches, which today amounted to 19 branches and 112 ATMs spread in various Iraqi governorates .

It should be noted that the Arab Trade Finance Program is a joint Arab financial institution that was established in 1989 in the city of Abu Dhabi - United Arab Emirates. The program aims to develop Arab trade and enhance the productive and competitive capacity of the Arab exporter .

The program works to provide a package of services to the Arab trader that will contribute to enhancing his productivity and competitiveness. At the forefront of these services is the provision of the necessary financing for Arab trade activities through its approved national agencies at a competitive cost and easy terms. The program services include various tools and mechanisms that include financing through credit lines. , financing in accordance with Islamic Sharia, risk sharing with various financial institutions, document discounting service, guarantee services, in addition to a number of other unfunded credit facilities.

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