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IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment

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IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment

Post  claud39 on Thu Nov 08, 2018 7:05 am

https://ifcextapps.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/23C83725CD3DBBDD8525833F0031C793



IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment








In Cairo:

Baghdad, Iraq, November 8, 2018—IFC, a member of the World Bank Group, and its local partners have officially launched the first independent institute of directors in Iraq, part of efforts to promote corporate governance, boost business transparency, and encourage private investment in the country. 

The Iraqi Institute of Directors (IIoD) provides corporate governance services in Iraq and other countries in the Middle East and North Africa region, helping to strengthen the role of independent directors, create effective boards, and raise awareness about corporate governance practices. With IFC’s support, the newly established institute has already conducted several corporate governance events, providing training for 459 board members, senior executives, and entrepreneurs. 


“Strong corporate governance practices are vital to rebuilding a sturdy private sector, attracting investment, and creating jobs. At the IIoD, we open the door for dialogue between our members and representatives of the Iraqi market regulators, through which experiences are exchanged and built upon, thus offering our members a remarkable opportunity to play a vital role in shaping the corporate governance landscape in Iraq.” Mahmoud Raoof Kareem, IIoD Chairman. 
 

The initiative is part of IFC’s strategy to drive private sector growth in Iraq by improving the management skills of smaller businesses and helping larger companies improve their performance. It is also part of IFC’s aim to scale up support for fragile and conflict-affected states, where private sector investment is key to creating jobs and spurring growth. 

“Strong corporate governance helps firms lower environmental and social risks, reduce costs and attract investors,” said Mary Porter Peschka, IFC Director for Environment, Social and Governance. “By training directors and providing opportunities for knowledge sharing, the new IIoD will play a key role in the development of a sustainable private sector in Iraq.” 

IFC has been working to promote stronger corporate governance and transparency in Iraq, with support from the governments of Japan and Spain. So far, it has provided corporate governance services to 172 companies in Iraq and conducted 64 specialized events, reaching about 1,000 participants and helping to build a network of governance experts. 


About IFC 
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org 

Stay Connected 
www.facebook.com/IFCwbg 
www.twitter.com/IFC_org 
www.youtube.com/IFCvideocasts 
www.ifc.org/SocialMediaIndex 
www.instagram.com\ifc_org

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Re: IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment

Post  claud39 on Sun Nov 11, 2018 9:12 am

https://www.mawazin.net/Details.aspx?jimare=19512

[size=36]Iraqi National Bank signs strategic partnership with IFC to stimulate economic growth[/size]


11/11/2018









BAGHDAD ( 
Reuters) - 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 global markets, boost trade and stimulate economic growth. 
The two parties also signed a Memorandum of Understanding (IFC) to provide 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 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 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 the economies of developing countries affected by conflicts and help them recover from years of economic downturn.
As for the MoU, IFC provides 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.

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Re: IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment

Post  claud39 on Sun Nov 11, 2018 12:42 pm

http://economy-news.net/content.php?id=14341



 Al Ahli Bank signs agreement with IFC


 11/11/2018



[size=24]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.
 
"The bank signed a memorandum of understanding (MoU) with the Iraqi National Bank and the International Finance Corporation (IFC) today with regard to the NCB's accession to the World Trade Finance Program, through which the Corporation will guarantee 10 billion US dollars against letters of guarantee Which is implemented by the Iraqi bank to its customers. "
 
"The memorandum of understanding concerns the Bank's support in terms of enhancing corporate governance to ensure best practice in this area, especially as it has been announced by the Governor of the Central Bank to issue a revised guide to the modified governance of banks," Al Salem added. Al Ahli to the global trade finance program because it grants the ability to finance companies and global banks and ease the conditions required by the international banks, the most important of which is cash. "
 
"The Iraqi Bank has been able to open up to the outside world, which enabled it to obtain trade finance and a number of correspondent banks, which enabled it to provide foreign trade financing through the volume and appropriations issued about 700 million dollars in 2017, That "the reopening of the border with Jordan, which led to the increase in trade exchange between the two countries since the beginning of this year, and we expect that the credits will see further increase during the current year."
 
Al-Salem said that "the bank obtained the first place in the exploitation of the initiative of the Central Bank related to the financing of small and medium enterprises and occupies the second place among the private banks in the project to settle the salaries of employees," noting that "the Central Bank hailed the bank's development of the banking sector and the Iraqi economy "He said.
 
"The signing of the agreement is an important starting point for the bank to develop and move towards the networking of international relations and the stabilization of its position and foreign relations, as it is an important and vital issue in the banking sector," said the governor of the Central Bank, pointing out that "the banking sector without a real arm And extensive external relations can not be able to progress and development and the completion of many services and products.
 
He added that the banking sector in Iraq has begun to be of importance to international institutions, as well as expressing the opposite of confidence in dealing with the issue.
 
He continued: "At the level of Iraq, we have taken an important step in strengthening Iraq's status in the classification of combating terrorism and the financing of terrorism, which has become an issue in the dealings between countries," pointing out that "the classification was obtained by the international financial work that moved Iraq during the two years of the region Gray to an ongoing area to the continuous follow-up area to which all the country is subjected, and this gave strength in dealing with foreign institutions. "
 
He pointed out that "a series of actions took place within the banking sector through the promotion and consolidation of international practices and standards that have been able to move the banking sector to another situation, and there are other applications in compliance and the principles of governance," noting that "the central bank developed the banking sector, To absorb internal and external financial transactions and implemented advanced protection systems and the national payment system is one of the most advanced systems in the world. "
[/size]

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Re: IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment

Post  claud39 on Mon Nov 12, 2018 7:54 am

https://www.mustaqila.com/%D8%AA%D9%88%D9%82%D9%8A%D8%B9-%D8%B4%D8%B1%D8%A7%D9%83%D8%A9-%D8%A5%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A%D8%A9-%D8%A8%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%A3/

The signing of a strategic partnership between the Iraqi National Bank and the International Finance Corporation to support the Iraqi commercial sector


12/11/2018












The Iraqi National Bank and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a commercial financing agreement to facilitate the access of Iraqi National Bank customers from the corporate sector to the international markets, in order to boost trade and stimulate economic growth. IFC supports the National Bank of Iraq in corporate governance. The agreement and the memorandum of understanding were signed at a special ceremony held under the patronage of His Excellency Mr. Ali Mohsen Al Alaq, Governor of the Central Bank of Iraq.

The agreement and memorandum of understanding were signed by Ayman Abu Dheim, CEO of the National 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 National Bank of Iraq in particular and the Iraqi banking sector in general," said Bassem Al Salem, Deputy Chairman of the National Bank of Iraq. The partnership will enable the National Bank of Iraq to offer a competitive range of banking services to its corporate clients, helping them grow their businesses, import basic materials to Iraq and access global markets, which will play a pivotal role in boosting 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 about 62% of the capital of the National Bank of Iraq, has been commended for providing all forms of support since its participation in the Bank in 2005." 
For her part, Ms. Dalia Wahba said: "Cross- Positive impact on the local economy as well A contribute to raising the level of the banking sector. " "IFC will enable the NCB to expand its network of correspondents and 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 the economies of developing countries affected by conflicts and help them recover from years of economic downturn.
As for the MoU, IFC provides 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.

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Re: IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment

Post  claud39 on Tue Nov 13, 2018 8:02 pm

IFC Helps Boost Iraq Trade Sector; Strengthen Corporate Governance in Banks








Baghdad, Iraq, November 13, 2018







Baghdad, Iraq, November 13, 2018IFC, a member of the World Bank Group, is signing two key agreements with the National Bank of Iraq today—a trade finance agreement to help its client businesses access global markets, boosting trade and spurring economic growth; and a memorandum of understanding to help the bank adopt better corporate governance practices. 

Under the trade agreement, IFC and NBI will help the bank’s clients import crucial goods, including raw materials, spare parts, and food. The initiative is part of IFC’s $5 billion Global Trade Finance Program, which works with more than 600 partner banks worldwide, offering them partial or full guarantees and covering risks in transactions where cross-border trade is constrained. 

Under the MOU, IFC’s Advisory Services will help the National Bank implement changes to a new corporate governance code that was launched by the Iraqi Central Bank last week and produced with IFC’s support.   

“We consider this partnership with IFC a strategic step that will enable us to provide a competitive range of banking services to our corporate clients,” said Ayman AbuDhaim, CEO of the National Bank of Iraq “This will help them grow and bring in vital supplies to the country and reach international markets, to boost development and growth in the long term.”   

Trade finance plays a key role in facilitating cross-border trade as it fills market gaps between importers and exporters by providing guarantees to banks. With a population of nearly 40 million, Iraq depends primarily on imports. Supporting trade will help create much-needed jobs and reduce the poverty rate, which currently stands at over 22 percent. 

Improved corporate governance practices can help attract direct investments and ultimately stimulate social welfare and economic growth.
“Cross-border trade has a positive impact on economies,” said Dalia Wahba, IFC Manager of the Levant region. “The facility will enable NBI to expand its correspondent network and support its business diversification strategy, which is vital for long-term sustainability, while making banks more resilient through good corporate governance will also help drive economic growth.”   

IFC has been working to improve corporate governance in Iraq since 2014, helping to establish Iraq’s first Institute of Directors (IIoD) among other initiatives, which provides a range of specialized environmental, social, and governance trainings to businesses. IFC’s corporate governance efforts in Iraq are made possible with support from the governments of Japan and Spain.

About IFC 
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
 

Stay Connected 
www.facebook.com/IFCwbg 
www.twitter.com/IFC_org 
www.youtube.com/IFCvideocasts 
www.ifc.org/SocialMediaIndex 
www.instagram.com\ifc_org

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Re: IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment

Post  claud39 on Tue Nov 13, 2018 9:49 pm

https://www.alsumaria.tv/news/252561/%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%A7%D9%87%D9%84%D9%8A-%D9%8A%D9%88%D9%82%D8%B9-%D8%B9%D9%82%D8%AF%D8%A7-%D9%85%D8%B9-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-%D9%84%D9%85%D9%86%D8%AD%D9%87-%D8%AA%D8%B3%D9%87%D9%8A/ar#


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


Tuesday, November 13,







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. "

"The banking sector in Iraq appeared to be important to the international institutions and reflects the level of dealing and this does not come from a vacuum, but significant efforts related to the strengthening of the banking sector carried out by the Central Bank during the past two years." 

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.

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Re: IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment

Post  claud39 on Wed Nov 14, 2018 9:54 am

https://www.mubasher.info/news/3370733/-%D8%A7%D9%84%D8%A3%D9%87%D9%84%D9%8A-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%88-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%8A%D9%88%D9%82%D8%B9%D8%A7%D9%86-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D8%B4%D8%B1%D8%A7%D9%83%D8%A9-%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A%D8%A9




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



14 November 2018 11:18 p




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.
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Re: IFC Launches National Institute of Directors in Baghdad to Boost Transparency, Help Attract Investment

Post  claud39 on Thu Nov 15, 2018 8:11 am

[size=32]https://www.nbirq.com/en/news/under-patronage-governor-central-bank-iraq-national-bank-iraq-signs-strategic-partnership[/size]

[size=32]Under the Patronage of the Governor of the Central Bank of Iraq National Bank of Iraq Signs a Strategic Partnership Agreement with IFC to Support Iraq’s Trade Sector and Boost Imports and Spur Economic Growth[/size]






Tuesday, November 13, 2018
The National Bank of Iraq (NBI) signed a trade finance agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to help the bank’s client businesses access global markets, boosting trade and spurring economic growth. In addition, a Memorandum of Understating (MOU) was also signed between the two parties whereby the IFC will provide NBI with support related to the field of Corporate Governance. The two agreements were signed during a special ceremony held on this occasion on Sunday the 11th of November, 2018, under the patronage of ‎His Excellency Ali Mohsen Al-Allaq, Governor of the Central Bank of Iraq.
 
The agreements were signed by Mr. Ayman AbuDheim, CEO of NBI, and Ms. Dalia Wahbeh, IFC Director for the Levant. The signing ceremony was attended by a number of official representatives from different Iraqi financial regulatory bodies, as well as the bank’s corporate clients, its board members and executive team members.
 
Under the trade finance agreement, NBI will join IFC’s Global Trade Finance Program, a step that will enable the bank to provide its corporate clients with a suite of trade finance facilities, making the National Bank of Iraq the only Iraqi bank to join this program.
 
“We consider this partnership with the IFC a strategic milestone that will enable us to provide a competitive range of banking services to our corporate clients,” said His Excellency Bassem Al-Salem, Vice Chairman of the National Bank of Iraq, “This will help them grow and bring in vital supplies to the country and reach international markets, to boost development and growth in the long term.”  
 
Al-Salem added that:” over the past years, the National Bank of Iraq has succeeded in obtaining a global reach, enabling it to attain trade finance limits from various correspondent banks. This outreach reflected positively on the volume of Letters of Credit (LCs) which amounted to over $700 Million in 2017. We cannot deny the paramount role that our strategic partner - Capital Bank of Jordan, which owns around 62% of NBI shares, had played in providing all means of support since 2005.”
 
“Cross-border trade has a positive impact on economies and also helps raise the bar for the banking sector,” said Wahbeh, “The facility will also enable the National Bank of Iraq to expand its correspondent network and support its business diversification strategy, which is vital for long-term sustainability.” 
 
The initiative is part of IFC’s $5 billion Global Trade Finance Program, which works with more than 600 partner banks worldwide, offering them partial or full guarantees and covering risks in transactions where cross-border trade is constrained.
 
Trade finance plays a key role in facilitating cross-border trade as it fills market gaps between importers and exporters by providing guarantees to banks. Supporting trade will help create much-needed jobs and reduce the poverty rate.
 
The agreement is part of IFC’s wider strategy to support the economies of fragile and conflict-affected states, helping them recover from years of severe decline.
 
Under the MOU, the IFC will provide the necessary support for NBI in order to enhance the bank’s corporate governance system, ensuring the implementation of best practices in this field.

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