The International Labor Organization selects the National Bank of Iraq to participate in the Financial Inclusion Initiative
In order to support the host communities and the displaced in Iraq
Due to its continuous efforts to achieve financial inclusion and as one of the leading banks in financing medium and small projects in the country, the International Labor Organization announced the selection of the National Bank of Iraq to participate in the Financial Inclusion Initiative in order to support the host communities and the displaced in Iraq.
The International Labor Organization and the Central Bank of Iraq launched at the end of last March, with the support of the Government of the Netherlands, a new initiative for financial inclusion in order to support host communities and the displaced in Iraq. The initiative targets Iraqi youth and entrepreneurs as well as existing companies to provide the very necessary financial services that help them establish and develop their own businesses, and to face other barriers in the business environment that impede access to decent self-employment.
The Central Bank of Iraq will provide funding from the initiative of the (1) trillion dinars available to all Iraqis wishing to finance their projects and through participating banks, and the guarantee by the International Labor Organization and the Iraqi Company for Bank Guarantees, and training by the International Labor Organization, which has prepared the trainers who will, in turn, train beneficiaries of this initiative.
The National Bank of Iraq signed an agreement under which it will hold free training courses for young people on emerging, small and medium companies over a period of 18 months in the disaster-stricken areas (Mosul) and refugee-hosting areas (Dohuk), and provide the necessary funding for their projects in accordance with the instructions of the Central Bank of Iraq.
The Managing Director of the National Bank of Iraq, Ayman Abu Dhaim, expressed his pride in choosing the bank among the list of banks participating in this important pioneering initiative, as one of the leading banks in financing small and medium projects in Iraq. Effectively in applying the strategy of financial inclusion and inclusion in the country by focusing on the financially marginalized groups or those with low incomes who are not allowed to engage in the operations of the banking system, in addition to providing our innovative banking services and providing appropriate financing for owners of small and medium enterprises. These initiatives and today our bank ranks among the best banks in financing this type of project.”
Abu Dhaim added: "Starting next August, we will train a group of young people in Mosul and Dohuk over a period of 18 months on business and financial culture to enable them to manage their financial affairs in the issues of small and medium enterprises and provide them with the skills and expertise necessary to manage these projects."
About the National Bank of Iraq
The National Bank of Iraq, owned by the Jordan Capital Bank Group since 2005, offers a full range of innovative banking services to companies and individuals in Iraq.
Thanks to its extensive network of correspondent banks, Capital Bank represents the National Bank of Iraq's gateway to the global economies, as it facilitates sending and receiving internal and external remittances, granting credit facilities, and providing trade finance services. Through Capital Investments, the investment arm of Capital Bank - as well as providing trading services in the Iraq Stock Exchange through its wholly owned subsidiary, Palm Oasis Company.
The acquisition of the Lebanese Bank Audi business in Jordan and Iraq by the Capital Bank Group, before the end of 2020, strengthened the group’s spread and presence in these two markets, as the National Bank of Iraq’s branches increased from 13 to 18 branches.