Iraq seeks JP Morgan's financial muscle
According to the PM's office statement, the meeting explored opportunities to deepen cooperation in banking and financial services, including JP Morgan's potential role in funding investment projects across Iraq.
The two sides discussed 'mechanisms for securing financial credits and transfers to ensure they reach their recipients in Europe and the United States,' describing them as a step toward improving services for Iraqi traders and importers.
Al-Sudani stressed the importance of expanding partnerships between Iraqi banks and JP Morgan, emphasizing 'the government's full readiness to provide all forms of support to strengthen this relationship.'
JP Morgan's delegation, in turn, expressed interest in expanding its footprint in Iraq's financial system, confirming plans to increase 'correspondent accounts' for local banks and expressing willingness to finance projects directly or through financial partners.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
3 hours ago
- Shafaq News
Trump hosts Zelensky at White House, pushes Ukraine peace deal
Shafaq News - Washington On Monday, US President Donald Trump met with Ukrainian President Volodymyr Zelenskyy at the White House in a diplomatic push to end the war in Ukraine, days after he held private talks with Russian President Vladimir Putin in Alaska. President Donald J. Trump welcomes Ukrainian President @ZelenskyyUa for their second meeting at the White House. — The White House (@WhiteHouse) August 18, 2025 'If everything goes well, we will hold a trilateral meeting that includes President Putin,' Trump announced following the Oval Office meeting, adding that he believed the Russian leader 'wants to end the war.' He emphasized that the US would play a direct role in ensuring Ukraine's future security, stating, 'We'll provide the Ukrainian people with protection and real security.' Zelenskyy, in turn, expressed gratitude for Trump's push to halt the bloodshed. 'I thank President Trump for working to stop the killing in Ukraine,' he said. The Ukrainian leader reaffirmed his readiness to engage in a trilateral dialogue with Trump and Putin, and signaled openness to holding national elections 'once peace and security are achieved.' Zelenskyy confirmed that Washington had opened the door to renewed weapons purchases. 'It's extremely important to secure guarantees for rearming our military.' Trump voiced optimism about the path forward, telling reporters, 'There's a real chance to end this war. I don't believe there will be a ceasefire, but peace can be achieved even as the conflict continues.' Meanehile, European leaders arrived in Washington earlier today to participate in expanded discussions with Trump and Zelenskyy. Attendees include NATO Secretary-General Mark Rutte, European Commission President Ursula von der Leyen, UK Prime Minister Keir Starmer, Italian PM Giorgia Meloni, Finnish President Alexander Stubb, German Chancellor Friedrich Merz, and French President Emmanuel Macron. 'We must ensure peace is lasting and just,' Starmer said upon arrival. 'That's why I'm here in Washington with fellow European leaders — to get this done.' I'm on my way to Washington D.C. to meet @POTUS, @ZelenskyyUa and other why: — Keir Starmer (@Keir_Starmer) August 18, 2025
Shafaq News
3 hours ago
- Shafaq News
Iraqi banks eye capital boost extension
Shafaq News – Baghdad Iraq's central bank and broader banking system are undergoing a pivotal phase, with expectations rising that the deadline for mandated capital increases will be extended to three years, economic expert Mustafa Akram Hantoush told Shafaq News on Monday. He clarified that the Central Bank of Iraq (CBI) had contracted the global consultancy Oliver Wyman last year to conduct a comprehensive assessment of the country's banking sector, confirming that the company has completed its study. An initial report was submitted three weeks ago, followed by the release of a final report containing a set of mechanisms to address banking challenges and regulate dollar transactions. These proposals are currently under review by the Central Bank and Oliver Wyman. According to Hantoush, the recommendations include raising the capital of all Iraqi banks to 400 billion dinars(Approx. $306 million), as well as requiring banks to pay $2.4 million over four years. These conditions are part of a broader reform framework that also calls for mergers or liquidations, and for restructuring capital ownership so that no more than 10% is held by family members. He noted that these requirements pose a major challenge, particularly for sanctioned banks, making it difficult to meet the new capital thresholds, emphasizing the need for ongoing discussions between the Central Bank and affected banks to reach a workable arrangement. He added that the Central Bank is expected to open a new round of dialogue with the consulting firm in search of a compromise, which may include extending the capital increase period beyond three years or lowering the required amounts to better align with the capabilities of Iraqi banks.
Shafaq News
3 hours ago
- Shafaq News
Iraqi officers protest over delayed housing land
Shafaq News – Baghdad Army officers in Baghdad staged a protest on Monday to demand long-promised housing plots, accusing the Officers' Housing Association of corruption and diverting land to investors. The demonstrators — a mix of retired and serving officers — gathered outside the association's headquarters, saying they have been paying monthly fees for four decades without receiving allocations. They estimate total contributions have exceeded 50B dinars ($38.2B). Protesters allege the association's leadership has stalled their demands while authorizing investment projects on land originally intended for members. Their complaints come as Iraqi authorities expand probes into real estate corruption. Earlier this month, the Integrity Commission in Mosul uncovered fraudulent sales of more than 4,000 plots worth an estimated 48B dinars ($38B), resulting in several arrests. Iraq continues to rank near the bottom of Transparency International's global corruption index, with property mismanagement among its most persistent problems.
