JPMorgan announces its readiness to finance investment projects in Iraq.
A delegation representing JPMorgan Chase expressed its willingness to finance a number of investment projects in Iraq, either directly or through partner financial institutions, on Tuesday.
This came during a meeting between Prime Minister Mohammed Shia al-Sudani and a delegation headed by the bank’s Deputy Director, Daniel Zeljko, on the sidelines of the Iraqi Banking Sector Reform Conference held in Baghdad.
According to a statement issued by Al-Sudani’s media office, the meeting discussed enhancing cooperation in the financial and banking sectors, including the bank’s participation in financing various investment projects. Mechanisms for securing credits and financial transfers and ensuring their delivery to those entitled to them in Europe and the United States were also discussed, which will contribute to improving services provided to Iraqi traders and importers.
The Prime Minister stressed the importance of expanding partnerships between Iraqi banks and JP Morgan, noting the government’s readiness to provide all forms of support to strengthen this relationship.
The JP Morgan delegation expressed its willingness to increase cooperation with Iraq by expanding the number of correspondent accounts opened for Iraqi banks.
Al-Sudani: The government supports all parties to develop the banking sector.
Prime Minister Mohammed Shia al-Sudani affirmed on Monday the government’s readiness to support all local and international entities, institutions, and companies to develop the banking sector. He explained that the government has worked to maximize revenues by improving the tax and customs system and boosting non-oil revenues.
A statement from the Prime Minister’s Media Office, received by Al-Sabah, stated that “Al-Sudani sponsored the Iraqi Banking Sector Reform Conference and appreciated all the efforts that contributed to holding this conference, including its visions and ideas for developing the Iraqi banking sector, and presenting ideas for achieving sustainable development, strengthening Iraq’s economic standing, and its regional and international role.”
According to the statement, Al-Sudani also praised “the ongoing efforts of the Central Bank, banks, and task forces from international and local consulting firms to strengthen and develop the Iraqi financial and banking sector.”
The Prime Minister added that “the government assumed responsibility in a complex economic context, requiring measures to achieve stability and ensure growth,” pointing to “the achievements made in the financial, banking, and economic fields, which represented positive steps toward establishing a solid foundation for development and investing in stability.”
Al-Sudani explained that “the government has prepared a three-year budget that includes allocating resources to various vital sectors, such as health, education, and infrastructure,” noting that “the three-year budget has enabled the development of a long-term financial plan that will contribute to achieving the state’s development and strategic goals.”
He continued, “The government has worked to maximize revenues by improving the tax and customs system and enhancing non-oil revenues, which has contributed to reducing dependence on oil revenues.” He explained that “we are working to fully automate customs through the ASYCUDA system, the United Nations’ Automated Customs Procedures Management System.”
He explained that “customs revenues increased by about 128 percent, and tax revenues increased by about 22 percent, which are higher rates than in previous years.” He explained that “we launched ambitious projects to reform the government banking system, ensuring increased capacity to provide financial services to individuals and companies.” He pointed out that “over the past two years, several decisions were issued by the Council of Ministers to restructure the Rafidain, Rasheed, Industrial, and Agricultural banks, through the assistance of a reputable international consulting firm.” He explained that “we worked to strengthen the infrastructure for electronic payments and trading, by enhancing systems and protocols to facilitate electronic payments in various sectors.”
Al-Sudani noted that “the government has established partnerships with the best financial technology companies to provide innovative payment solutions, with the aim of enhancing the efficiency of the financial system,” stressing that “the financial inclusion rate has reached more than 40 percent, compared to just 10 percent two years ago, a figure praised by international organizations such as the World Bank and the International Monetary Fund.”
He continued, “Laws related to e-commerce and payments have been updated, and awareness campaigns have been organized for citizens about the benefits of electronic payments, which has strengthened the culture of digital payments in society.” He noted that “we have provided support to small and medium enterprises, by providing financing and resources, which has been reflected in creating job opportunities and stimulating the economy. Through the proposed initiatives, we seek to address current challenges in the banking sector and enhance its competitiveness in the arena.”
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The Prime Minister continued, saying, “Banking reforms constitute an important pillar of the economic reforms adopted in the government program. The government, in cooperation with the Central Bank of Iraq, has embarked on a comprehensive initiative that includes an integrated strategic banking reform process.” He continued, “The comprehensive reforms aim to keep pace with international developments and contribute to opening partnerships and prospects for communication with the outside world in modern banking and financial transactions. We are ready to support all local and international entities, institutions and companies to develop the banking sector, enhance economic growth and achieve financial stability.” He added, “We have achieved tangible results and successes that have been reflected in the development of the banking sector through the expansion of projects in this field.”
A 101-member US delegation from 60 companies in the energy, technology, and health sectors is visiting Iraq.
The US Embassy in Iraq announced details of a 101-member US delegation’s visit to Iraq on Monday.
The embassy said in a statement that “the American Chamber of Commerce, headed by Steve Lutes, led a 101-member delegation of approximately 60 American companies in the energy, technology, and healthcare sectors to Iraq this week.”
She added, “This is the first trade mission approved by the US Department of Commerce to Iraq and the largest US trade mission to Iraq in the Chamber’s history.”
She confirmed that “during its visit, which extends from April 7 to 9, the delegation will meet with high-level Iraqi officials, communicate with Iraqi companies, and sign a number of agreements.”
“We are here to focus on one goal: strengthening commercial partnerships,” said US Chargé d’Affaires in Iraq, Daniel Rubinstein.
According to the embassy’s statement, the American Chamber of Commerce provides a platform for creating and implementing new ideas aimed at establishing partnerships and trade policies that influence the thinking of governments and business leaders in both countries.
She continued, “For more than a decade, the Chamber has regularly visited Iraq and hosted Iraqi government delegations in the United States.”
During this visit, the American Chamber of Commerce will sign a memorandum of understanding with the Federation of Iraqi Chambers of Commerce to strengthen relations between the American and Iraqi private sectors.
