TNT "Tidbits From TNT" Sunday 5-28-2023



CandyKisses:  Airlines activate electronic payment service in its offices in Baghdad


Economy News-Baghdad


The management of the General Company of Iraqi Airways announced today, “Saturday”, the start of the electronic payment service system (POS) in the company’s offices to book and issue travel tickets in the capital, Baghdad, which are the offices of Al-Saadoun, Salhiya and Al-Rasheed, and they were provided with the required equipment and trained a cadre of the company’s staff on ways to use them to achieve smooth work.


The general manager of the company, Manaf Abdel Moneim Ajel, said in his statement that “based on the directives of the Minister of Transport Razzaq Muhaibis Al-Saadawi and in line with government directions, this service has been adopted in these offices and is scheduled to be activated in the company’s other offices as one of the modern methods in financial transactions, as it will allow the traveler to pay via local and international electronic payment cards Visa. master card, PayPal.”


It is noteworthy that Iraqi Airways had activated this service in most of its foreign offices during November last year on the sidelines of the visit of His Excellency the Minister of Transport, Mr. Razzaq Muhaibis Al-Saadawi to the company’s office in the Egyptian city of Cairo



Harambe:  Iraq announces plans for $17 billion transportation project linking Asia to Europe – Newsday 5/27/23


Iraq’s prime minister on Saturday announced plans for a $17 billion regional transportation project intended to facilitate the flow of goods from Asia to Europe.


The announcement was made at a one-day conference in Baghdad that convened transport ministers and representatives from Iraq, the Gulf countries, Turkey, Iran, Syria, and Jordan.


Iraqi Prime Minister Mohammed Shia al-Sudani said the planned Development Road project would facilitate the movement of goods from the Gulf to Europe by way of the Grand Faw Port in Basra, in southern Iraq, which would be connected to Turkey, then to Europe, through a network of railways and highways.


A centerpiece of the project will be the development of the Grand Faw Port and a “smart industrial city” adjacent to it, al-Sudani said.


The planned project, which would involve the construction of about 1,200 km (about 745 miles) of railways and highways, will be “an economic lifeline and a promising opportunity for the convergence of interests, history, and cultures,” said al-Sudani, adding it will “make our countries a source for modern industries and goods.”


He did not say how the project would be financed but noted that Iraq would “rely heavily on cooperation… with brotherly and friendly nations.”


The countries participating in Saturday’s conference agreed to establish joint technical committees to move the project forward.


Iraq’s relations with the Gulf countries have been strained in recent decades, as Iran-backed militias rose in prominence in Iraq in the wake of the U.S.-led invasion that toppled Saddam Hussein and opened a power vacuum in the country.


However, there have been signs of improving relations with the country’s neighbors. In January, Iraq hosted the eight-nation Arabian Gulf Cup in Basra, the first international soccer tournament the country had hosted in more than four decades.




CandyKisses:  Central Bank of Iraq Governor announces the establishment of ‘Riyada Bank’ to lend to vulnerable groups


Baghdad – NAS


The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced yesterday, Saturday, the establishment of Riyada Bank to support small and medium enterprises, to be the first bank to care for low-income people and entrepreneurs through soft loans.


The governor said on the sidelines of the opening of the annual Iraqi banking conference organized by the Association of Private Banks, that “the initiatives of the Central Bank of Iraq are the largest in the history of Iraq,” revealing “the completion of new projects, including the establishment of Riyada Bank for Social Development in line with the vision and initiative of His Excellency the Prime Minister in the government project (Riyada) to support youth.”


He added that “the bank will be the first in Iraq to care for low-income people through soft loans and simple guarantees in support of vulnerable segments, and diversify the non-oil economy through small and micro projects to stimulate the private sector and reduce unemployment and poverty rates,” explaining that “the Central Bank of Iraq has put the final touches to prepare a national strategy for bank lending.”


The governor noted that “the Central Bank of Iraq will launch a project to establish a financial and business center and will serve as an integrated city that includes the stock market, the business sector and financial institutions.”