The Governor of the Central Bank of Iraq receives experts from the International Finance Corporation (IFC)

---

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen al-Alaq, received on Thursday, a delegation of experts from the International Finance Corporation (IFC) affiliated to the World Bank, headed by Mr. (Marcel Rashid), the supervisor of financial market projects in the Levant region.

During the meeting, the methods of developing the relationship between the Central Bank of Iraq and the International Finance Corporation were discussed, and a plan was drawn up to establish a (loan guarantee company), which was previously proposed by the governor as part of a comprehensive study that concerned with building the bases of a national strategy for the bank lending, while the central bank’s staff builds the national strategy for lending in accordance with the rules stated therein.

The establishment of a loan guarantee company represents an important factor in stimulating lending through reducing the rates of loan defaults that the banking sector in Iraq suffers from.

 

Central Bank of Iraq

Media Office

May 11, 2023