EU: Improving financial culture in Iraq is a necessity for economic development

INA - BAGHDAD

The European Union - EU confirmed on Tuesday its commitment to supporting Iraq in enhancing financial culture as a necessity for development, noting that launching the "Our Bank" application represents a major step in developing future financial plans for Iraqi families.

"Enhancing financial awareness contributes to improving financial services. This is what we are working on by developing financial culture and its applications in Iraq," said the co-country director of the German Development Agency - GIZ, Lutz Zimmermann, during the launching of the "Our Bank" application and the smart robot for financial awareness - attended by the reporter of the Iraqi News Agency - INA.

He added, "Launching this application constitutes an important station in facilitating access to financial services and reducing hesitation in dealing with banking affairs," stressing the importance of "having effective tools and guidelines for using the application, as they play a role in reducing financial problems and achieving more efficient financial management."

In turn, the Head of the EU Cooperation Department and Representative of the German Embassy, ​​Lennart Deridder, explained that "access to financial services is no longer a luxury, but a vital necessity," noting that "the European Union pays great attention to the financial inclusion project, especially with technological developments that require enhancing digital banking services." 

"EU, in cooperation with the German government and the Central Bank of Iraq, seeks to enhance financial transparency and develop government knowledge in this field; to ensure the success of financial systems and their proper preparation," he explained.

Deridder considered that "the launch of the (Our Bank) application represents an essential step in supporting the Iraqi economy, as it is a pivotal tool for disseminating financial information and enhancing financial awareness, which contributes to enabling individuals to access banking services accurately and efficiently."

He concluded by saying, "We are committed to supporting Iraq financially and enhancing financial culture, as achieving progress in this field is essential for the sustainability of economic development in the country."