The Development Bank tops the list of private banks in terms of the value of assets

  
 banks
Economy News – BaghdadIraq Future Foundation issued the first half report for the year 2021 within a comprehensive analysis of the financial statements of the Iraqi private banks as a whole in terms of total assets, total customer deposits, total credit facilities and the value of property rights with the growth rates achieved at the level of each bank.The International Development Bank topped the list of Iraqi banks with the highest value of assets, reaching more than (1.32 trillion dinars), with a growth rate of 19.71%, meaning that the bank acquired about (10.61%) of the total assets of the banking sector as a whole, in addition to achieving growth in customer deposits. It amounted to 16.6% to reach (866) billion Iraqi dinars, as the bank acquired a rate of (16.28%) of the total deposits of the banking sector, and the total credit facilities amounted to (441) billion Iraqi dinars, with an annual increase of 19%, where this percentage constituted (14.54). %) of the total credit facilities granted by private Iraqi banks.This report comes to translate the distinguished achievements and results that the International Development Bank continues to achieve and the tireless efforts made by the Bank’s senior management at the level of hard work to achieve the best desired results and to be added to the important achievements it achieves from time to time.It is noteworthy that the International Development Bank was established in 2011 and operates through 18 branches throughout Iraq and two representative offices in Lebanon and the United Arab Emirates, in addition to an expansion plan for branches to reach 25 branches by the end of 2021.The bank also uses the latest banking systems and technology, and the bank was a forerunner in obtaining the main membership from the international payment companies Visa and MasterCard, which contributed to acquiring a large share of the volume of localizing the salaries of public and private sector employees and installing more than 250 ATMs throughout Iraq in addition to its contract Recently, it purchased 300 new ATMs from CBM and expanded by publishing more of them, in addition to obtaining a large market share in Iraq from the total trade finance and comprehensive banking operations. With a grade of BB- similar to Arab and regional banks.

https://economy-news.net/content.php?id=26091

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Al-Kazemi calls on everyone to unite in order to face challenges and move forward with reform

Obelisk - the event as it happened

2021/08/24 19:51

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  • Section : Iraq

Baghdad / Obelisk: On Tuesday, August 24, 2021, the Council of Ministers held a regular session headed by Prime Minister Mustafa Al-Kazemi, during which it took several decisions.

Al-Kazemi’s office said in a statement, received by “The Obelisk”, that the latter “presided today, the thirty-second regular session of the Council of Ministers, during which the developments of the situation in the country were discussed, topics on the agenda were discussed, and a package of decisions related to the oil and electricity sectors was issued.”

The Prime Minister presented a summary of the results of his recent visit to the State of Kuwait, which was crowned with success, in which many issues related to the development of relations and the development of the level of joint cooperation between the two countries were discussed, as well as a number of outstanding issues between the two sides, which were agreed upon Processed by multiple means.

Al-Kazemi stressed, “The country faces several challenges, and therefore everyone must join hands and move on the path of reform, as it is the only way to advance the country’s reality, and alleviate the suffering of citizens,” referring to the Baghdad Conference, which will be the culmination of Iraq’s diplomatic efforts, and an affirmation of the government’s keenness to develop Iraq’s foreign relations, which have reached a distinguished level, and the Iraqi government has been accepted at the international level.

And he indicated, “The government has completed all the special requirements for holding the upcoming elections, and providing the means available for their success, stressing the government’s determination to hold the elections on their scheduled date on the tenth of next October.”

Al-Kazemi stressed the importance of laying the foundation for the establishment of the Generations Fund, which aims to secure the future of future generations, and the government can adopt it within the economic reform policy that it has embarked on; As a way to advance the Iraqi economy to serve the country’s present and future.

The session witnessed a review of the epidemiological report of the Corona pandemic, developments in the work of the committee to strengthen government measures in the areas of prevention and health awareness control, to limit the spread of the virus, and the great efforts made by the Ministry of Health, in facing the pandemic, and securing medical services for the injured, as well as its efforts in providing vaccines, urging Citizens to take the vaccine through vaccination outlets.

After discussing the topics on the agenda, the Council of Ministers issued a package of decisions:

The Council of Ministers approved the recommendation of the Ministerial Council for Energy (109 of 2021) on the issue of restructuring the participation of ( BP ) and (Petrogaina) in the service contract for the Rumaila field / Basra Oil Company, as follows:

1. Exception from the provisions of Article (2) of the Foreign Companies Branches Regulations (2 of 2017); In order for the new company (Basra Energy Limited), to start the procedures for opening a branch in Iraq after the date of signing the assignment agreement.

2. Exception of this case only from the provisions of Article (28) of the service contract for the Rumaila field; The fact that the restructuring of Rumaila is not fully consistent with the provisions of the aforementioned article, as the new company and its founders ( BP and Petrogina) will be for administrative purposes.

The council hosted the Undersecretary of the Ministry of Electricity, who gave an explanation of the situation of electrical energy in the country, which recently witnessed an increase in production, which was reflected in the number of hours of supplying citizens with electricity.

The Council of Ministers issued a number of decisions related to the electricity sector, as follows:

First: Preparing a draft law to amend the name of the Ministry of Electricity to be (Ministry of Electricity and Renewable Energy), and refer it to the House of Representatives.

Second: Approval of the recommendations of the consultative meeting regarding the implementation of the Ministerial Council of Energy’s decision (59 of 2020), on the projects of the Ministry of Electricity, and the plan to address bottlenecks, contained in the letter of the Ministry of Electricity No. (34341) dated (August 9, 2021), taking into consideration The opinion of the General Secretariat of the Council of Ministers stated in the memorandum of the Legal Department No. (M.D./Q./2/1/8/351 L.Q.) dated (August 18, 2021).

Third:

1. Approval of the establishment of a public company in the name of (the General Company for the Distribution of Middle Euphrates Electricity), with a capital of (1443392194689) dinars, only one trillion four hundred and forty-three billion, three hundred and ninety-two million, one hundred and ninety-four thousand six hundred and eighty-nine dinars.

2. The Ministry of Electricity shall take the measures specified in Article (4) of the amended Public Companies Law No. (22 of 1997).

Fourth: Approval of the memorandum of principles of cooperation with the American company ( GE ), set out in the letter of the Ministry of Electricity No. (34028) dated (August 8, 2021), according to the following two axes:

The first axis: the completion of the second phase of the fifth multi-annual maintenance program ( PUP5 ).

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The President of the Republic, Barham Salih, during his meeting with the Chairman of the Board of Directors of the Development Bank, Ziad Khalaf, stresses the support of the private banking sector

  

  
 banks
Economy News – BaghdadThe President of the Republic, Barham Salih, affirmed his support for the private banking sector, when he received the Chairman of the Board of Directors of the International Development Bank, Dr. Ziad Khalaf.The bank said in a press statement, received by “Al-Iqtisad News”, “The President of the Republic, Dr. Barham Salih, received at the Peace Palace yesterday, Monday, the Chairman of the Board of Directors of the International Development Bank, Dr. Ziad Khalaf Abed, praising his continuous efforts to achieve advanced levels of banking work and keep pace with all global developments. in banking technology.According to the statement, Dr. Khalaf briefed the President of the Republic on the nature of the business, activities and financial technology that the bank has reached, the significant growth in the infrastructure and the strategic vision of the bank, which will contribute to increasing the participation of private banks in the reconstruction of Iraq and activating strategic partnerships with economic sectors in general.At the conclusion of the meeting, the President of the Republic affirmed his support for the private banking sector in general, his keenness to achieve tangible progress in the reality of the Iraqi economy and his support to keep pace with Arab and international financial developments to advance a better future and work to activate the various vital economic sectors.

https://economy-news.net/content.php?id=26087

Iraq seeks role as mediator with regional summit


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Issued on: 23/08/2021 – 11:38Modified: 23/08/2021 – 11:36

Iraq's Prime Minister Mustafa al-Kadhemi (L), seen here with Egyptian President Abdel Fattah al-Sisi, is trying to position Baghdad as a regional mediator
Iraq’s Prime Minister Mustafa al-Kadhemi (L), seen here with Egyptian President Abdel Fattah al-Sisi, is trying to position Baghdad as a regional mediator – IRAQI PRIME MINISTER’S PRESS OFFICE/AFP/File

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Baghdad (AFP)

After decades of conflict, Iraq will pitch itself as a regional mediator as it hosts a leaders’ summit this week — despite foreign influence on its territory and a grinding financial crisis.

The meeting in Baghdad on Saturday seeks to give Iraq a “unifying role” to tackle the crises shaking the region, according to sources close to Prime Minister Mustafa al-Kadhemi.

Egyptian President Abdel Fattah al-Sisi and Jordan’s King Abdullah II have said they plan to attend, as has French President Emmanuel Macron, the only official expected from outside the region.

Leaders from Iran, Saudi Arabia and Turkey have also been invited.

Kadhemi came to power in May last year after months of unprecedented mass protests against a ruling class seen as corrupt, inept and subordinate to Tehran.

The new premier had served as the head of Iraq’s National Intelligence Service for nearly four years, forming close ties to Tehran, Washington and Riyadh.

His appointment prompted speculation he could serve as a rare mediator among the capitals.

“In the past, under Saddam Hussein, Iraq was a state that was feared and despised in the region and everyone saw it as a threat,” said Iraqi political expert Marsin Alshamary.

After the 2003 US-led invasion, it became “a weak state”, prone to external influences and meddling.

But Saturday’s summit, she said, could be “a positive thing for Iraq”.

– ‘Not just a playground’ –

Renad Mansour of Chatham House said the aim was to transform Iraq from “a country of messengers to a country that is leading negotiations”.

Organisers have been tight-lipped on the meeting’s agenda.

But Baghdad has already hosted closed-door encounters in recent months between Tehran and US ally Riyadh.

The powerful regional arch-rivals had broken off ties in 2016.

If confirmed, the presence of Iranian and Saudi officials this weekend would be notable in itself.

Iraq, for its part, has been caught for years in a delicate balancing act between its two main allies Iran and the United States.

“The ambition is for Iraq to not just be a playground but actually have a role potentially as a mediating force,” Mansour said.

Iran exerts major clout in Iraq through allied armed groups within the Hashed al-Shaabi, a powerful state-sponsored paramilitary network.

Since the 2019 anti-government protests, dozens of activists have been killed or abducted.

In exercises huge clout in Iraq, especially through groups it backs in the Hashed al-Shaabi paramilitary organisation
In exercises huge clout in Iraq, especially through groups it backs in the Hashed al-Shaabi paramilitary organisation Sabah ARAR AFP/File

Some say the killers are known to the security services and despite government promises of arrests, remain at large — due to their ties to Iran.

Shiite factions operating under the Hashed are also accused of dozens of attacks this year against US interests in Iraq.

Kadhemi is under pressure from pro-Tehran armed factions, who demand the withdrawal of 2,500 US troops still deployed in Iraq.

– ‘Take back control’ –

Turkey is another regional power with an outsized presence in Iraq.

Ankara regularly targets Iraq’s northwest in operations against the Kurdistan Workers’ Party (PKK), which Turkey considers a terrorist organisation.

The Kurdish separatists, who have waged a decades-long insurgency against Ankara, have bases in the rugged mountains on the Iraqi side of the border.

The Turkish operations, have sometimes killed civilians and have irked Baghdad, but it remains reluctant to alienate a vital trading partner.

President Recep Tayyip Erdogan has been invited to Saturday’s conference, though his attendance has not yet been confirmed.

By convening the summit, Kadhemi is also taking a gamble on the domestic front, less than two months before general elections.

Though he is not facing re-election himself, he will have much at stake.

“There will be another coalition government and the different parties will have to settle on a compromise prime minister,” Alshamary said.

Iraq, long plagued by endemic corruption, poor services, dilapidated infrastructure and unemployment, is facing a deep financial crisis compounded by lower oil prices and the Covid-19 pandemic.

“Iraqis are struggling,” said Mansour, adding that many were facing “the brunt of corruption”.

“It has been the summer of hospital fires and lack of electricity, drought… and more generally a political system that neither responds to the needs of Iraqis nor represents Iraqis,” Mansour said.

But Saturday’s conference is mainly about the country’s standing in the region.

“Iraq wants to take back control of its trajectory,” said one foreign observer on condition of anonymity.

“Above all, it no longer wants to be subjected to the effects of regional tensions on its territory.”

© 2021 AFP

https://www.france24.com/en/live-news/20210823-iraq-seeks-role-as-mediator-with-regional-summit

THE INTERNATIONAL DEVELOPMENT BANK OCCUPIES THE FIRST PLACE AT THE LEVEL OF IRAQI BANKS

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Tue, Aug 24, 2021 10:47 PM

Baghdad/National News Center

Today, Tuesday, the International Development Bank ranked first at the level of Iraqi banks, according to the classification of assets, the volume of deposits and banking facilities.

In a statement received by the National News Center, the Iraq Future Foundation issued the “first half report for 2021 within a comprehensive analysis of the financial statements of Iraqi private banks as a whole in terms of total assets, total customer deposits, total credit facilities and the value of property rights with growth rates achieved at the level of each bank.” “.

The statement stated, “The International Development Bank has issued the list of Iraqi banks with the highest value of assets, reaching more than (1.32 trillion dinars), with a growth rate of 19.71%, meaning that the bank acquired about (10.61%) of the total assets of the banking sector as a whole, in addition to Achieving a growth in customer deposits that amounted to 16.6% to reach (866) billion dinars, as the bank acquired a rate of (16.28%) of the total deposits of the banking sector, and the total credit facilities amounted to (441) billion Iraqi dinars, with an annual increase of 19%, as This constituted (14.54%) of the total credit facilities granted by private Iraqi banks.

The statement added that “this report comes to translate the distinguished achievements and results that the International Development Bank continues to achieve and the tireless efforts made by the bank’s senior management at the level of hard work to achieve the best desired results and to be added to the important achievements it achieves from time to time.”

It is noteworthy that the International Development Bank was established in 2011 and operates through 18 branches throughout Iraq and two representative offices in Lebanon and the United Arab Emirates, in addition to an expansion plan for branches to reach 25 branches by the end of 2021. The bank also uses the latest banking systems and technology.

The bank was a forerunner in obtaining the main membership of the international payment companies Visa and MasterCard, which contributed to the acquisition of a large share of the size of the localization of salaries of public and private sector employees and the installation of more than 250 ATMs throughout Iraq, in addition to its recent contract to purchase 300 new ATMs From CBM and expanding by publishing more of them, in addition to obtaining a large market share in Iraq from the total commercial finance operations and comprehensive banking operations. He also won many international awards and recently received a global credit rating from Capital Intelligence for credit ratings with a degree of BB- similar to banks. Arabic and regional.“National

مصرف التنمية الدولي يحتل المركز الاول على مستوى المصارف العراقية

President of the Republic, Barham Salih, during his meeting with the Chairman of the Board of Directors of the Development Bank, Ziad Khalaf, stresses the support of the private banking sector

banks

Economy News – Baghdad 

The President of the Republic, Barham Salih, affirmed his support for the private banking sector, when he received the Chairman of the Board of Directors of the International Development Bank, Dr. Ziad Khalaf. 

The bank said in a press statement, received by “Al-Iqtisad News”, “The President of the Republic, Dr. Barham Salih, received at the Peace Palace yesterday, Monday, the Chairman of the Board of Directors of the International Development Bank, Dr. Ziad Khalaf Abed, praising his continuous efforts to achieve advanced levels of banking work and keep pace with all global developments. in banking technology. 

According to the statement, Dr. Khalaf briefed the President of the Republic on the nature of the business, activities and financial technology that the bank has reached, the significant growth in the infrastructure and the strategic vision of the bank, which will contribute to increasing the participation of private banks in the reconstruction of Iraq and activating strategic partnerships with economic sectors in general. 

At the conclusion of the meeting, the President of the Republic affirmed his support for the private banking sector in general, his keenness to achieve tangible progress in the reality of the Iraqi economy and his support to keep pace with Arab and international financial developments to advance a better future and work to activate the various vital economic sectors.

https://economy-news.net/content.php?id=26087

What does it mean for Iraq to raise its balance from buying US Treasury bonds?

political| 11:39 – 24/08/2021

image

Baghdad – Mawazine News

The US Treasury Department stated that Iraq raised its holdings of US bonds to 2.21 billion dollars during the month of June, bringing the total to more than 21 billion dollars, after it was nearly 17 billion dollars in December of last year 2020.
The Prime Minister’s Adviser for Financial and Economic Affairs, Mazhar Muhammad Salih, said, “Raising Iraq’s balance of buying US Treasury bonds by 23.98% to reach $21.187 billion is something expected, especially since Iraq is within the dollar region because of the nature of oil exports and their pricing in dollars, in addition to that the largest Commercial transactions in Iraq are within the dollar area, whether in Asia or in the regional environment, with 80 to 85% of Iraq’s foreign transactions in dollars,” noting that “Iraq’s possession of the dollar is normal, noting that the US dollar constitutes about two-thirds of the official reserves of countries, and there are about 60% Of the global loans granted in dollars, about 84% of global trade is repaid in dollars.
He stressed that “the dollar has global dominance as well as dominance over Iraq’s banking payments, and because Iraq is a dollar area, it always keeps bonds because other transactions may cause losses, so the proportion of reserves in the dollar is kept in the external centralization with the United States until it is invested as a predominant investment – that is Short term – from three months to six months, and it can be transferred during this period without losses and returns for managing these bonds.
The government advisor added, “The process of investing and managing reserves in Iraq and in foreign currency is either by placing them within a fixed deposit that has interest or current accounts, if there is a withdrawal or part of it, by diversifying it, such as investing American bonds and their returns.” He explained that American bonds are classified as (A3). ) meaning that it does not accept loss and is 100% guaranteed, and this is universally recognized and many oil countries deal with it.” Ended 29/A43

https://www.mawazin.net/Details.aspx?jimare=164871