Latest news with #ConferenceonReformingtheIraqiBankingSector
Zawya
09-04-2025
- Business
- Zawya
JP Morgan, Iraq discuss funding for projects
The US-based financial services firm JP Morgan offered to fund projects in Iraq during talks with its Prime Minister Mohammed Al-Sudani in Baghdad on Tuesday. Sudani met a delegation headed by the JP Morgan Vice Chairman Daniel Zelikow at a Conference on Reforming the Iraqi Banking Sector. A statement by Sudani's office said the meeting explored opportunities to deepen cooperation in banking and financial services, including JP Morgan's potential role in funding investment projects in Iraq. The two sides discussed 'mechanisms for securing financial credits and transfers to ensure they reach their recipients in Europe and the United States, it said. 'Al-Sudani stressed the importance of expanding partnerships between Iraqi banks and JP Morgan…he also emphasised the government's full readiness to provide all forms of support to strengthen this relationship,' the statement said. '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.' (Writing by Nadim Kawach; Editing by Anoop Menon)
Iraqi News
09-04-2025
- Business
- Iraqi News
JP Morgan prepared to fund investment initiatives in Iraq
Baghdad ( – A delegation from JP Morgan stated on Tuesday that the bank would be open to funding many investment initiatives in Iraq directly or through financial institutions. The remarks took place during a meeting attended by the Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Chair of the Governing Board of JP Morgan Development Finance Institution (DFI), Daniel Zelikow, on the sidelines of the Conference on Reforming the Iraqi Banking Sector held in the Iraqi capital, Baghdad. According to a statement released by the Prime Minister's Office (PMO), the meeting addressed strategies to strengthen banking and financial collaboration, as well as the bank's involvement in funding different investment initiatives. To improve services provided to Iraqi importers and dealers, the meeting also looked at ways to secure bank transfers and letters of credit and guarantee their delivery to the rightful recipients in the United States and Europe. Al-Sudani emphasized the value of growing collaborations between Iraqi banks and JP Morgan, indicating that the government is willing to offer any kind of assistance to strengthen this partnership. By opening more correspondent accounts for Iraqi banks, the JPMorgan delegation indicated that it would be eager to strengthen its relationship with Iraq.
Iraqi News
08-04-2025
- Business
- Iraqi News
Digital currencies to reshape Iraq's banking sector
Baghdad ( – The governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, said on Monday that digital currencies will help transform Iraq's conventional banking system. Al-Alaq clarified during the Conference on Reforming the Iraqi Banking Sector that the CBI wants to establish an advanced economy and emphasized the need for more funding for artificial intelligence research and development. Al-Alaq explained that digital currencies have the potential to transform the conventional banking system, noting that the CBI has declared its willingness to carry out a plan for banking sector reform, the Iraqi News Agency (INA) reported. In collaboration with the international consulting company Oliver Wyman, the CBI announced an extensive reform strategy designed to make the country's private banking industry a robust, innovative, and expansion-oriented system. Al-Alaq revealed in late February that the CBI is planning to create a digital currency to replace paper notes in transactions with central banks. The Iraqi official added that fundamental changes will take place in the banking and financial systems, including the limited use of paper notes, as they will be replaced by digital currencies in transactions between central banks.
Shafaq News
08-04-2025
- Business
- Shafaq News
Iraq seeks JP Morgan's financial muscle
Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani met, on Tuesday, with a delegation from JP Morgan, led by Vice Chairman Daniel Zelikow, on the sidelines of the Conference on Reforming the Iraqi Banking Sector in Baghdad. 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.
Iraq Business
08-04-2025
- Business
- Iraq Business
Iraqi PM Launches Ambitious Banking Sector Reform
By John Lee. Prime Minister Mohammed Shia' Al-Sudani addressed the Conference on Reforming the Iraqi Banking Sector on Monday, outlining an ambitious agenda to modernise Iraq's financial infrastructure and promote sustainable economic development. Key initiatives and achievements highlighted in the Prime Minister's address include: Implementation of a three-year national budget, enabling long-term planning and strategic investment in health, education, and infrastructure. Efforts to diversify revenue sources by automating customs with the Automated System for Customs Data (ASYCUDA) system and improving tax systems, resulting in a 128% increase in customs revenues and 22% rise in tax revenues. system and improving tax systems, resulting in a 128% increase in customs revenues and 22% rise in tax revenues. Structural reforms of Rafidain, Rasheed, Industrial, and Agricultural Banks, supported by an international consultancy firm. Enhancement of digital payments infrastructure and partnerships with leading fintech companies, facilitating broader access to financial services. Expansion of financial inclusion, with rates rising from 10% to over 40% in two years-an achievement recognised by the World Bank and IMF. Updated legislation on e-commerce and digital payments and nationwide campaigns to foster a digital payment culture. Continued support for SMEs through financing and resource allocation, contributing to job creation and economic growth. Al-Sudani reaffirmed that banking reform is a central pillar of his government's broader economic reform programme. He confirmed the launch of a comprehensive strategic initiative in collaboration with the Central Bank to align Iraq's banking system with international standards, strengthen global engagement, and attract new partnerships. He concluded by reiterating the government's readiness to support both local and international stakeholders in transforming the banking sector to drive economic progress and financial stability. Full statement from the Media Office of the Prime Minister: Prime Minister Mohammed S. Al-Sudani attended the Conference on Reforming the Iraqi Banking Sector, held today, Monday. His Excellency expressed appreciation for all efforts that contributed to organizing this conference, which presents visions and ideas aimed at developing Iraq's banking sector, promoting sustainable development, and enhancing Iraq's economic standing and its regional and international roles. He also commended the efforts of the Central Bank of Iraq, the banks, and the teams from international and local consulting firms for their ongoing work in strengthening and advancing Iraq's financial and banking sectors. Prime Minister Al-Sudani noted that the government assumed responsibility during a complex economic period, which required decisive actions to achieve stability and ensure growth. He outlined the achievements realized in financial, banking, and economic fields as positive steps toward establishing solid foundations for development and capitalizing on prevailing stability. Key highlights from the Prime Minister's speech include: The government prepared a three-year budget that allocated resources to key sectors such as health, education, and infrastructure. The three-year budget has enabled a long-term financial planning framework to help achieve the strategic and developmental objectives of the state. The government worked to boost revenues by improving the taxation and customs systems and enhancing non-oil revenues, helping reduce dependence on oil exports. Full automation of the customs system is underway through the implementation of the global ASYCUDA platform, developed under the United Nations. Customs revenues increased by approximately 128%, while tax revenues rose by about 22%-both higher than previous years. Ambitious projects have been launched to reform state-owned banks and improve their capacity to deliver financial services to individuals and businesses. Over the past two years, the Cabinet issued several decisions to restructure the Rafidain, Rasheed, Industrial, and Agricultural Banks with the support of a reputable international consultancy. The government enhanced the infrastructure for digital payments and transactions by strengthening protocols and systems to facilitate electronic payments across sectors. Partnerships were established with leading fintech companies to offer innovative digital payment solutions, enhancing the efficiency of the financial system. The financial inclusion rate rose to over 40%, up from just 10% two years ago-an achievement recognized by institutions like the World Bank and the International Monetary Fund. E-commerce and digital payment legislation has been updated. Awareness campaigns have been launched to promote digital payment culture among citizens. Support was extended to small and medium enterprises through financing and resources, resulting in job creation and economic stimulation. The initiatives proposed aim to address current challenges in the banking sector and enhance its international competitiveness. Banking reform forms a vital part of the economic reform pillar in the government program. The government, in cooperation with the Central Bank of Iraq, launched a comprehensive initiative for integrated strategic banking reforms. These reforms aim to align with global developments, open new partnerships, and enhance engagement with the global financial system. The government is fully prepared to support all local and international entities and institutions in efforts to develop the banking sector and promote economic growth and financial stability. Tangible results have already been achieved, with successful expansions and advancements in Iraq's banking industry. (Source: PMO) Tags: Agriculture Bank, Al-Rafidain Bank, Automated System for Customs Data (ASYCUDA), Banking Sector, Central Bank of Iraq (CBI), cg, customs, digital payments, featured, financial reform, fintech, Industrial Bank, International Monetary Fund (IMF), Mohammed S. Al-Sudani, Oliver Wyman, Rafidain Bank, Rasheed Bank, SMEs, World Bank
