Iraq is planning on starting a leasing finance company with both foreign and local contribution

INA-  Baghdad


The Governor of the Central Bank of Iraq , Ali Mohsen Al-Alaq, discussed on Wednesday with a delegation from the International Finance Corporation (IFC) the establishment of a leasing finance company with local and foreign contribution.
 
The Bank's media office said, in a statement obtained by the Iraqi News Agency (INA), that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received a delegation from the International Finance Corporation that included the director of the financial sector of the institution in the region, Youssef Habash, and Bilal Al-Zughair, resident representative in Iraq, financial investment officer and advisory department official."  
 
The statement added that "during the meeting, they discussed strengthening bilateral relations between the Central Bank of Iraq and the International Finance Corporation and the importance of cooperation between local banks and correspondent banks with technical support from the institution and the development of Islamic banks operating in Iraq, as well as banking reforms carried out by the bank in cooperation with the concerned authorities, especially the restructuring of government banks, and the role of international companies operating in this field (Ernst & Young and Oliver Wyman)."
 
The statement continued, "The Governor of the Central Bank discussed the proposal to establish a leasing finance company with local and foreign contribution, which is one of the financial systems that are used to provide financing for projects and individuals without the need to buy assets directly such as machinery and industrial equipment, vehicles, offices and warehouses, and this proposal supports startups and small and medium enterprises that are looking for easy and flexible financing."
 
 
  It explained that "the meeting also discussed the importance of launching Riyada Bank during the next year, which will support projects with small and medium loans, in line with the government's vision in supporting the segment of graduates and entrepreneurs and developing labor markets."