The Saudi Central Bank announced the opening of two branches of two Iraqi banks in Riyadh, and while confirming the signing of an agreement with Iraq to prevent double taxation, he indicated the allocation of more than one billion riyals to the Sports City.
The Director of the International Affairs Department at the Saudi Central Bank, Hisham Al-Aqeel, told the Iraqi News Agency (INA), that "the financial and banking committee of the Iraqi-Saudi Coordination Council was established to strengthen relations and enhance cooperation between Baghdad and Riyadh," noting that "the Iraq-Saudi Coordination Council was established." It is headed on the Saudi side by the Minister of Commerce Majid bin Abdullah Al-Qasabi, and from the Iraqi side by the Minister of Finance Ali Abdul-Amir Allawi.
He added, "The council consists of eight committees, one of which is the Financial and Banking Committee, which is concerned with the Saudi Central Bank, headed by its governor, Fahd bin Abdullah Mubarak, and from the Iraqi side, the Governor of the Central Bank, Mustafa Ghalib," noting that "the most prominent achievements of the Financial and Banking Committee are providing training programs for the bank." The Central Bank of Iraq, where the first training program for the employees of the Central Bank of Iraq was presented in 2019 with 6 training courses and the goal is to exchange experiences and benefit from Saudi experiences.
In 2021, the second training program for employees of the Central Bank of Iraq was started with 8 training programs.
He added, "Iraqi banks were licensed to open branches in the Kingdom of Saudi Arabia, where two Iraqi banks were opened in Riyadh, namely the Iraqi Trade Bank and the National Bank of Iraq," noting that "the signing of an agreement between the two sides to prevent and avoid double taxation, between the Saudi Finance Minister and the Iraqi Prime Minister during visit to the Kingdom.
In addition to that ,he indicated that "visits were arranged from the Iraqi side to the Saudi Central Bank to enhance direct cooperation between the two central banks and to benefit from the experiences of the Saudi Central Bank from several topics and fields, and a visit was conducted in October 2021 under the chairmanship of the Governor of the Central Bank of Iraq and the participation of a number of heads of Iraqi commercial banks' councils, Discussing offers and exchanging views in specific areas within the tasks of central banks, which aim to strengthen and stabilize the strength of financial institutions, and discuss the latest developments in the financial sector and digital banks.
Furthermore, the amount of money allocated to projects invested in Iraq, Al-Aqeel explained that "there are billions to be spent for investment in Iraq, but we do not have the exact number," explaining that "there are several items and committees working within the Iraqi-Saudi Coordination Council.".
Al-Aqeel stated that "there are very large qualitative projects such as the Sports City, for which more than one billion Saudi riyals have been allocated, in addition to the electrical connection project and many development projects."