Non-oil growth target

Iraqi PM seeks IFC support for banking, private sector projects

BAGHDAD — Prime Minister Mohammed Shia Al-Sudani has requested support from the International Finance Corporation (IFC) to advance Iraq’s banking sector and bolster private sector initiatives in emerging cities. His appeal occurred during a discussion with an IFC delegation, headed by Hala El-Said, IFC Vice President for the Middle East, on Tuesday.

The IFC, a member of the World Bank Group, is dedicated to fostering private sector growth in developing countries. It aims to reduce poverty and encourage economic development by providing financial investments and advisory services to businesses and governments, focusing on sectors such as health, education, agriculture, and infrastructure. Through its support, the IFC helps enhance competitiveness, efficiency, and innovation in the private sector, contributing to sustainable economic progress.

The meeting centered on potential collaborations between Iraq and the IFC. It highlighted the Iraqi government’s dedication to economic reform, enhancing the investment environment, and launching projects to boost gross domestic product. These efforts aim to strengthen non-oil industries and empower the private sector.

Al-Sudani called on the IFC to set up a training institute in Iraq focusing on banking operations and the preparation of economic models for projects. He stressed the importance of backing Iraqi private enterprises in producing cement and construction materials, catering to the increasing needs of new urban developments, and the formation of the General Company for Carbon Economics, which Iraq is currently establishing.

The Prime Minister also underlined the importance of supporting initiatives that align with the Development Road project. This includes ongoing talks to upgrade Baghdad International Airport, with IFC sponsorship.

The Development Road project is a government-led initiative designed to upgrade Iraq’s infrastructure and stimulate economic growth. It focuses on improving transportation networks and urban development to foster better connectivity and economic diversification. This initiative is part of Iraq’s broader efforts to reduce its reliance on oil revenue and encourage sustainable development across various sectors.

Hala El-Said confirmed the IFC’s willingness to collaborate with Iraq across various domains, praising the government’s strides in extending reforms and implementing strategies to cut carbon emissions. She reaffirmed the IFC’s commitment to completing the renovation and expansion of Baghdad International Airport, fostering sustainable development, and promoting the growth of various economic sectors. Through such partnerships, Iraq seeks to leverage the IFC’s expertise and financial support to implement critical reforms, attract investment, and execute projects that significantly contribute to its economic development and sustainability.

PM: Development cannot happen without reforming the banking sectors

PM: Development cannot happen without reforming the banking sectors