Iranian National Bank opens branches in Najaf and Karbala

Executive Director of the National Bank of Iran Melli Bank Mohammad Reza Hossein Zadeh, on Monday announced the opening of a branch in the province of Najaf soon, adding that the opening of another branch of the bank in the province of Karbala, on the agenda of the bank.

Hossein Zadeh said in a press statement seen by Economy News that the talks are currently under way between the Iranian side with the Iraqi Central Bank to provide services to the pilgrims, looking forward to the development of banking infrastructure in Iraq to allocate more services to these visitors.


Encyclopedia of this Day News

Iraq sells Basra light crude through the Dubai Mercantile Exchange

Iraq’s oil marketing company SOMO has notified long-term buyers that it plans to sell two million barrels of Basra Light crude for June by bidding on the Dubai Mercantile Exchange, trade sources said on Monday.

The sources said it would be the first time ever that Basra crude was sold through the Dubai Mercantile Exchange.

It said the shipment was a fixed destination to Asia and would not accept any offers that did not include a premium above the official sale price of Basra light crude in June.



Iraq calls on Germany to release frozen funds in some of its banks and the opening of its consulate in Basra

Foreign Minister Ibrahim al-Jaafari called on Germany to release its frozen funds in some of its banks, and called for the opening of its consulate in the province of Basra.

“We have demanded the release of frozen Iraqi funds in German banks,” Jaafari told a news conference with his German counterpart Ziegmar Gabriel.

“The support provided by Germany is not small, both financially and logistically, and Germany has stood by the issues demanded by Iraq to strengthen its position in the United Nations. We highly value this, but because the confrontation with the terrorist gangs is not limited and the sabotage capability has threatened not only Iraq Syria is threatening the Middle East and the world, and its danger is large and wide, so we need support.”

“While we thank Germany for its support, we look forward to doubling its support for Iraq at all levels, both financial and military, as well as supporting Iraqi positions at the United Nations,” he said.

Jaafari pointed out that the various military forces all united their position under the command of the commander of the Iraqi armed forces Haider Abadi, all fighting under one tent and achieved victories respected by the world, and the security process in Iraq progress but do not eliminate the factor of financial support Iraq is a country rich and multi-resources, The current situation is suffering from a decline in the financial budget due to the drop in oil prices and the high costs of the war.

“Germany fought wars in World War I and the second and well appreciated the circumstances of the country that is going through the war,” Jaafari said, noting that “the Iraqis have made every effort to unite the Iraqi situation and we need financial support from friendly countries.”

Jaafari called on Germany “to receive the injured from the security forces for treatment in German hospitals, especially since Germany has a surgical experience according to the wars I and II, which has experienced a very experienced experience in the field of surgical overlap.”

Al-Jaafari expressed his thanks to his German counterpart for visiting Iraq and providing his country with assistance, expressing his hope to exchange visits on an ongoing basis.

For his part, the German foreign minister pointed to “the importance of building the state without corruption with a competent administration and judicial field depends on it, and these steps are important for the development of Iraq and without it will not come investors to him.”

“We have provided Iraq with a total of one billion euros since 2014 and now we are doing a lot of things for Iraq. In the context of the reconstruction of Iraq, we have provided an unconditional 5 billion euro loan,” he said.

He pointed out that “it is not enough only to provide money to Iraq, the restoration of stability is linked to the reforms that the government seeks to implement and must be implemented.”

“Our discussions today have not focused on Germany strengthening its military efforts in Iraq. Our main efforts are focused on rebuilding the country and providing jobs in the future,” he said.

“The media is talking about military efforts only, but we provide assistance, we train the Iraqi security forces, and this is the role we play here alongside Iraq,” he said. “As far as fighting terrorism is concerned, life is without a better excuse.”

“After the liberation of Mosul, security can be restored by providing opportunities for the population and we should not focus solely on the security aspect,” he said. “The Iraqi army is making great sacrifices to protect the civilians it uses as a human shield.

“The financial loan provided to Iraq two years ago is worth 500 million euros. It has not been used. It should be used first before providing additional funds for the reconstruction of schools, vocational training, infrastructure and encouraging people to return home.”

The German Foreign Minister Ziegmar Gabriel arrived today in Baghdad and met with President Fuad Masum and Speaker of Parliament Salim al-Jubouri.


Euphrates News

Iraq resumes next Friday talks with the International Monetary Fund and the World Bank

The Iraqi delegation headed by the Minister of Finance Abdul Razzaq Al – Issa, begins next Friday in Washington discussions with the International Monetary Fund and the World Bank to review the readiness credit agreement, which included lending Iraq $5.4 billion to fill deficit in the fiscal budget.

A source in the Iraqi government refused to disclose his name to the economy News, that an Iraqi delegation headed by the Minister of Finance Abdul Razzaq al- Issa will go to the American city of Washington this week to discuss the readiness of credit signed by Iraq in the general agreement in 2015, noting that the delegation will begin its meetings with the International Monetary Fund and the World Bank on Friday, the next day on April 21st and lasts for three days.

The source said that the delegation and the Minister of Finance Abdul Razzaq al- Issa, Central Bank Governor Ali Allaq and Financial Advisor to the Prime Minister Mohammed Saleh, officials from the Ministry of Finance, the Ministry of Oil, the Ministry of Planning, Oil Marketing Company SOMO, the Central Bureau of Statistics, the Central Bank of Iraq, representatives the Kurdistan Regional Government, and the Office of financial supervision.

The Iraqi delegation held with the International Monetary Fund experts discussions in Amman during the period from March 5th to 17th 2017 on Article IV consultations, review the second agreement to prepare the credit SBA with Iraq, amounting to 36 – month, which was approved by the Executive Board of the IMF international on July 7, 2016.

It aims to prepare the credit agreement to correct the fiscal balance and the balance of the external position, improving public financial management, while protecting social spending.

The first review was complete under the standby credit agreement on December 5th 2016.


Encyclopedia of this Day News

Iraq and Kuwait to economic integration

Iraq and Kuwait are engaged in in-depth discussions to meet the requirements of achieving economic integration between the two countries, establishing joint industrial zones and free trade exchanges, as well as signing agreements for trade, technical and economic cooperation.

These discussions are conducted by a high economic delegation headed by Minister of Planning and Minister of Commerce and Agency d. Salman Al-Jumaili with his Kuwaiti counterpart, Minister of Trade and Industry Khaled Nasser Al-Roudhan, who pointed out that Iraq remains a promising and important market, but possesses technical, human and economic capabilities, making it eligible for export.

He called for the lifting of all obstacles that prevent the export of materials and products of Iraqi origin to the Kuwaiti market in order to achieve balance in the commercial relationship between the two countries and achieve common interest.

Minister of Planning and Trade Minister Salman Al-Jumaili met with Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah and discussed the development of fraternal relations between the two neighboring countries, a meeting that confirms the success of the talks held by Al-Jumaili with Al-Roudhan.

Al-Jumaili also met with Kuwaiti Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Hamad Al-Sabah on Thursday in the presence of Acting Minister of Commerce and Industry Khalid Nasser Al-Roudhan.

The meeting was attended by Deputy Foreign Minister Khalid Sulaiman Al-Jarallah and Assistant Foreign Minister for the Office of First Deputy Prime Minister and Minister of Foreign Affairs, Ambassador Sheikh Ahmed Nasser Al-Mohammad Al-Sabah, Kuwaiti Ambassador to Iraq Salem Ghassab Al-Zamanan, Assistant Foreign Minister for Arab Affairs Aziz Aziz Rahim Al-Dehani and Assistant Foreign Minister for Foreign Affairs. Development and International Cooperation Minister Plenipotentiary Nasser Subaih Subeih and a number of senior officials of the Ministry of Foreign Affairs.

Jumaili stressed the need to work to promote the improvement of the commercial environment between the two countries, so as to attract investment opportunities and economic and encourage Iraqi businessmen to work with Kuwait, noting that the most important point in this area is to lift barriers to the entry of Iraqi businessmen and traders and industrialists to Kuwaiti territory.

He pointed out that the issue of visa to Kuwait is an important obstacle to the development of economic and trade relations between the two neighboring countries and deprives Kuwait of economically important opportunities, as these obstacles caused the failure of Kuwaiti economic activity in Iraq, while other countries invested this vacuum and was able to achieve great gains.

Al-Jumaili stressed the political will of the Iraqi government and the Iraqi decision-making institutions to develop relations with Kuwait, pointing out that the relationship with Kuwait is as much as the necessities of geopolitics are at the same time in response to the feelings of love that the Iraqi people have for the Kuwaiti people.

Al-Jumaili added that the government’s administration is moving to remove the technical and legislative obstacles that prevent the development of trade and mutual investment between the two countries and activate the transit trade by securing and developing the roads linking Iraq with the neighboring countries, including Kuwait, Jordan, Syria, Turkey and Iran.

Al-Jumaili pointed out that this year will witness a long page of organization calling and terrorism in Iraq forever, stressing that «this will contribute to the creation of a promising investment and economic environment so it is appropriate to move Kuwaitis from now and before it is too late to have a proper presence in the future of Iraq Economic and prosperous».

He also noted in a press statement that “there is a comprehensive international will in Iraq as an environment for regional and international security as one of the pillars of security and stability for the region and the world. And praised the efforts of Kuwait in the development of plans for the development of infrastructure road road link between Iraq and Kuwait».

He said that this is an important step in activating and activating the trade line between the two countries, hoping to reach an approach to activate trade exchange and encourage mutual investment and seek to establish successful projects that will promote the economic reality of both countries.

Kuwait’s Minister of Trade and Industry Khalid Nasser Al-Roudhan said that his country is exerting every effort to invest in Iraq’s geographical location in order to open the doors of trade exchange to Iran, Turkey, Syria and Jordan and then through these countries to world markets in Asia and Europe.

He said that his country is fully open to Iraq and seeks to sign agreements for trade, technical and economic cooperation with him.

He added that he highly appreciates Iraq’s human, economic and technical resources, which qualify it to be one of the leading economies.

He pointed out that the opportunity is available to achieve economic integration fruitful and constructive and strategic between Iraq and Kuwait.

The Kuwaiti minister acknowledged the modest volume of trade between Iraq and Kuwait compared to the volume of trade with other countries neighboring the two countries, noting the importance of mutual endeavor to develop this trade between them and invest the economic, human and geographical advantages of the two countries to serve the economic renaissance and the development of economic cooperation at the regional level.

The Kuwaiti minister said that he received instructions from the Emir of Kuwait confirming Kuwait’s efforts to develop its economic, investment and strategic relations with Iraq, as well as its interest in the various opportunities in the Iraqi market such as investment in oil, gas, industry and religious tourism.

He stressed the need to open the way for Kuwait to become a corridor for visitors to the citizens of the Gulf States and the whole of Asia to the holy shrines in Iraq, as in the past when the delegations and visitors to the holy shrines in Iraq, going through Kuwait on the journey of arrival and return.

The Kuwaiti side expressed its desire to study economic, investment and industrial projects in Iraq at the beginning of weaving an integrated strategy between the two countries in the industrial fields as well as the possibility of establishing joint industrial zones as well as common areas for free trade exchange between the two countries. At the end of the meeting, the two sides noted that the changes in the international oil market reflected negatively on the economic situation throughout the region and on Iraq and Kuwait in a big way, stressing that this calls for the rapid action to prepare and implement plans and procedures that will diversify sources of income and diversify economic activity to avoid the imbalance that arose On lower oil prices.

And stressed together that the joint work of cooperation and integration between the two countries has become one of the necessities of the stage.


The New Morning

Automated booking Iraqi Airways

The Ministry of Transportation re – activate the automatic booking passengers on board Iraqi Airways planes through the system (Visa card), within its programs for the advancement of the civil aviation sector in the country.

Media ministry director Abdul Karim in a statement the “morning”, that his ministry is considering re – activating booking automated Iraqi Airways system through (Visa card), after it has done for companies and travel and tourism offices from the private sector, stressing that the measure is part of a plan drawn up by his ministry to improve the quality of services provided to passengers, especially located outside the country, they will be able to booking through the website of the company adopting (Visa card).

He said the automated reservation will reduce the chances of exploiting the black market owners and therefore there will be more blockbuster on the lines because of the competitive prices compared to other companies, noting that the majority of countries booking automated depend through their airlines, stressing that his ministry is working through it to reach the best services provided for travelers.

He said the ministry has taken several measures which said it worked dramatically improve the services provided to passengers through their airlines, they will contribute to the lifting of the financial revenues of the state, praising the efforts made by his ministry to restore the name of Iraq in international forums again, through the services provided and work to improve constantly, through access to the experiences of developed countries in this field and to keep pace.



United Nations Development Programme to implement E-tendering system in Iraq

UNDP’s Iraq Country Office is pleased to inform all potential Construction Firms/Companies that starting 01 May 2017, all procurement processes will be conducted using an online E-Tendering system (Electronic Tendering Platform).

The initiative of E-Tendering will allow UNDP to further improve transparency and efficiency in the procurement process and will help to reduce the time needed to award contracts to the successful bidders.

In the first phase, the training session will be conducted in Erbil and Baghdad. Trainings are ONLY for Construction Companies/Firms.

Potential Construction Companies/Firms in Erbil and surrounding areas and Baghdad-based construction Companies/Firms are requested to send names of two focal persons (Owner & Engineer) to the UNDP Focal Person listed below to obtain security clearance as per the following details:

Venue Dates Focal points
Erbil 17-18 April 2017 Mr Ahmed Lashkari, email:
Baghdad 26-27 April 2017 Anmar Abdulsalam Majeed


Important Note:

Interested firms/companies are requested to bring the following:

1. One laptop with Internet Explorer installed on the computer to access the E-Tendering Module

2. Internet Device (eg Fastlink) to access UNDP E-Tendering Modul

Venue will be communicated to the firms/companies who will register themselves in advance by sending an email to the above UNDP focal points. Please send your nominations to UNDP focal points 3 days prior to the start of the training session.

The appointment of Iraq’s representative to the United Nations Muhammad Ali al-Hakim as Director of ESCWA

The Secretary-General of the United Nations Antonio Guterres, has appointed the Permanent Representative of the Republic of Iraq, Ambassador Mohamed Ali Al-Hakim as his Deputy and Executive Director of the United Nations Economic and Social Commission for Western Asia (ESCWA), based in Beirut, the highest post for an Iraqi figure since the founding of the United Nations.

Foreign Ministry Spokesman Ahmed Jamal said in a statement received by the Al-Furat News agency that “the choice of the UN Secretary-General to Ambassador Hakim as the executive director of a long-standing international organization such as ESCWA represents another proof of Iraq’s restoration of its leading role in international and regional organizations, Important to the hard work of the Iraqi Foreign Ministry in seeking to receive its diplomatic figures competent international important positions.”

“ESCWA is one of the oldest UN institutions, as the regional arm of the United Nations in the Arab world, which was founded in 1973. We are confident that Ambassador Mohamed Ali Al-Hakim, known for his negotiating skills and professional abilities in the framework of bilateral and multilateral diplomacy, For the legacy of that institution working in the field of achieving the agreed international development goals, especially the goals of the new sustainable development 2030, focusing on Arab economic and social integration and exchange of experiences among their countries and find solutions to the problems facing the West Asian countries.


Euphrates News

Iraq signs a memorandum of economic cooperation with Britain

The British ambassador to Iraq announced on Sunday the signing of a memorandum of understanding with the Ministry of Finance, adding that “this agreement will open the door for more economic cooperation.”

“Earlier this week, I was briefly in London, where I spoke at a British Export Finance Association seminar on doing business in Iraq as part of the annual Business Council conference,” Ambassador Frank Baker said in a statement received by the Euphrates News Agency. “I was delighted to meet many British businessmen and women who are aware of the opportunities and incentives to invest in Iraq.”

“This is in part due to the memorandum of understanding recently signed with Abdul Razzaq Abdul Jalil al-Issa, Acting Minister of Finance, which paves the way for a new set of support from the British Export Financing Organization for Infrastructure in Iraq,” he said. “I have no doubt that this agreement Will open the door for further economic cooperation between our two countries.”

“One of the ways we can take this cooperation forward is by organizing commercial visits to Iraq while increasing the commercial interests of the United Kingdom,” he said, noting that “these visits are now being brought to my attention by the trade team.”

“But if Iraq will attract real foreign investment, the government will also need to address the problem of corruption. Over the past few years, Iraq has rightly been focused on defeating a stinging curse. However, as the Iraqi security forces, supported by the global coalition, In the months to come, the Iraqi government must now begin to pay attention to the next big challenge: corruption.”

“This will not only provide a higher level of service to the Iraqi people, but will encourage British companies to see Iraq as a reliable business partner, so we can help Iraq rebuild after decades of war and the sanctions that are behind it. The Government of Iraq is now looking to the reconstruction and reconciliation plans, and it is more important now than ever that people and politicians meet together to work for a strong and unified Iraq.”


Euphrates News

Attract banks and international financial institutions to review their successful experiences in front of their Iraqi counterparts

Before the Beirut conference on finance, banking and investment in Iraq
Interviewed by Houtham Youssef:

The fourth international conference on finance, banking and investment in Iraq will be held on April 10th in the Venice Hotel in Beirut.

The new morning met with Mr. Abbas Al Husseini, Chairman of Simexco and Chairman of the Organizing Committee of the Conference to discuss more details about the conference and the expected results through its organization.

1 – This is the fourth occasion in your activity .. How do you evaluate the previous conferences and what do organizers aspire to the Fourth Conference?

A: First, we can say that the previous conferences have been fruitful and have been very successful in achieving the goals that were set for them, including but not limited to:
• Give the Central Bank an opportunity to review its annual general strategic policy to the institutions, banks and international and Iraqi companies, and give them the opportunity to discuss with them.
• Success in bringing a significant number of banks, institutions, international, Arab and Iraqi companies together, and provide an opportunity to get acquainted and cooperate among themselves to develop the administrative and service level in our banks.
• Providing the opportunity for banks, international financial institutions and insurance and banking maintenance companies to review their successful experiences before their Iraqi counterparts and to present their suggestions on how to adopt and implement them in Iraq.
• Create good opportunities for Iraqi banks, companies and financial institutions to adopt new banking technology, and to get a closer look at the new technology of international banks
As is well known, the circumstances that Iraq is going through now differ from what it was at the time of the previous conferences, including:
– Financial difficulties facing Iraq today due to low oil prices
– Increasing the preparation of Iraqi banks
– The policy of the Central Bank of Iraq crystallized more clearly than the previous and more sophisticated
– Urgent need for substantial financial support for reconstruction of areas affected by terrorism
• The organizers aspire through this Fourth Finance Conference to expand cooperation between institutions and international banks and between their Iraqi counterparts and guide them to the role that these institutions can play in the process of reconstruction and improving the service reality of Iraqi citizens.

2. To what extent do these conferences foster trust between citizens, private banks and government?

Unfortunately, there has been no noticeable progress in the field of enhancing confidence between banks and the Iraqi citizen, despite our keenness in each conference to invite a number of deputies to view the views of the deputies and those who represent the views of their elected members, as well as to present their views on some of the policies followed, but we did not touch We do not hear them talk about ways to enhance the confidence of the citizen, although we are convinced that the promotion of confidence is based on the guarantee of citizens’ financial rights and conservation, and this is enhanced through the development of the use of technological means and maintenance of banking and the adoption of electronic payment policy, In developed countries, and this is one of the most important topics to be addressed by the Fourth Conference.

3. There were references to some of the negatives that concern some banks .. Are there ideas and proposals in this regard?

C. All we can propose in this regard is the enactment of a law regulating the work of banks, and sets conditions and penalties that reduce the disadvantages and prevent manipulation and corruption.

4. Will the conference address the issue of bank loans in terms of the value of the loan, the size of the interest, and the facilities offered to the citizen?

C / This is primarily related to the policy of the Central Bank of Iraq, which will be the Governor of the Central Bank d Ali Alaq, Professor Mohammad Dagher, and Advisor to the Prime Minister Dr. Mazhar Mohammed Saleh, talk about during the conference.

5. With regard to securing the electronic payment infrastructure and related laws, are there any steps to contribute to the issue of electronic payment in Iraqi institutions?

There will be a special axis dealing with this subject, depending on the extent to which Iraqi institutions respond to their belief in the need to get out of the old policies and laws that they still rely on, especially the government banks such as Rafidain Bank and Al-Rashid, which are in dire need of renewing their strategy and issuing new laws in line with the policy. Finance in the world and how to benefit from it.
In all our previous conferences in London 2012, Dubai 2014 and Beirut 2016 discuss the development of Rafidain Bank, and the Bank of Rasheed, but it seems that there has been no fundamental change in these two large old institutions. The reason is that the Ministry of Finance previously did not pay much attention to them and did not seriously work to develop them.

6. We lack the subject of advertising and economic media Is your program includes discussing the relationship of media to the banking sector in Iraq?

There is no doubt that the media has become an urgent necessity in all areas of life and this depends on the desire of the workers in this area and their interest in the economic field, with the belief that the media should play its role in educating Iraqi citizens about the economic reality and developments in Iraq and the world. We will be very happy to have Ismail Zeir, the editor of one of the most important Iraqi newspapers, participate in this important conference. As you know, your role in running one of the most important sessions of the conference will contribute to pushing the debate in the conference to the public interest of the people.

7. Since the previous financial conferences talk about Iraqi banks, is it in the intention to establish a similar conference in Baghdad in the coming years?

C / We will definitely work to be the next conference in Baghdad. Our stay in conferences outside Iraq is due to the inability of some of the major international banks, institutions and companies to come to Baghdad for security reasons. Security hurdles are the only reason not to hold previous conferences in Baghdad. But thank God the security situation is good now and we will try to invite many international companies and financial, banking and investment trends to attend our next conference in Baghdad.


New Morning