Iraq Economic News and Points to Ponder Late Sunday Evening 4-21-24
The First Iraqi Bank To Reap A Realistic Result From Al-Sudani’s Visit To Washington
The US International Development Finance Corporation (DFC) and the US Agency for International Development (USAID) signed a $50 million loan agreement for the National Bank of Iraq (NBI), with the aim of expanding access to finance for entrepreneurs.
Prime Minister Muhammad Shiaa Al-Sudani witnessed the signing ceremony of the agreement on the sidelines of the meeting of the Iraqi-American Supreme Coordination Committee in Washington.
This loan, which was attended by the CEO of the American International Development Finance Corporation, Scott Nathan, and the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Salem, is the first loan provided by the American International Development Finance Corporation to a commercial bank in Iraq. https://www.radionawa.com/all-detail.aspx?jimare=38020
Central Bank: The Volume Of Trade With The UAE Reaches $17 Billion
Economy Sunday, April 21, 2024 9:30 AM Baghdad/National News Center The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the amount of the bank’s reserves of US dollars and gold.
Al-Alaq told the CNBC Arabic website that the Central Bank has a foreign reserve of more than 100 billion dollars, indicating that the bank’s gold reserves amount to more than 130 tons, most of which are located in England.
Speaking about Iraqi foreign trade, Al-Alaq pointed out that the volume of trade with the UAE amounts to $17 billion and is paid in UAE dirhams, pointing out that the First Abu Dhabi Bank is the one responsible for the trade transfers in UAE dirhams. https://nnciraq.com/253612/
US International Development Allocates $50 Million To The National Bank Of Iraq To Finance Entrepreneurs In Iraq
Economy News – Baghdad The US International Development Finance Corporation (DFC) and the US Agency for International Development (USAID) signed a loan agreement worth $50 million for the benefit of the National Bank of Iraq (NBI), with the aim of expanding access to financing for entrepreneurs.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani witnessed the signing ceremony of the agreement. On the sidelines of a meeting of the Iraqi-American Supreme Coordination Committee.
This loan, which was attended by the CEO of the American International Development Finance Corporation, Scott Nathan, and the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Salem, is the first loan provided by the American International Development Finance Corporation to a commercial bank in Iraq.
After signing the agreement, Al-Salem said: “We are proud to be the first commercial bank in Iraq to sign a loan agreement from the US International Development Finance Corporation and the US Agency for International Development, and we see this partnership as an important step and a unique opportunity to support economic and investment growth in Iraq by enhancing the capabilities of Ruwwad.” businesses and increase their opportunities to obtain the necessary financing to support their projects.”
Al-Salem extended his thanks to the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, to His Excellency the Governor of the Central Bank of Iraq, Dr. Ali Mohsen Al-Alaq, and to the international financial institutions for their continued support for entrepreneurs and small and medium-sized companies, stressing the National Bank of Iraq’s commitment to achieving the two sides’ shared vision for progress and prosperity in the country, pointing out that this The agreement will be a strong incentive to achieve these goals.
CEO of the US International Development Finance Corporation, Scott Nathan, affirmed the company’s commitment to unleashing Iraq’s economic potential and empowering its private sector by providing meaningful financial support to small projects.
He said: “Today’s announcement is an important step in advancing our efforts. This investment will contribute to increasing access to… First-time female borrowers and entrepreneurs access financing across Iraq.”
For her part, USAID Mission Director in Iraq, Ellis Jensen, said: “Access to financing is the main driver in the process of innovation, economic growth, and job creation, so USAID’s support will enable private banks to overcome liquidity challenges and provide affordable business loans.”
For small projects, and through our partnership with the National Bank of Iraq and the US International Development Finance Corporation, we will help create a stronger, more diverse, and more inclusive private sector in Iraq.”
In turn, the Managing Director of the National Bank of Iraq, Ayman Abu Dhaim, said: “The Iraqi government’s commitment to creating an environment conducive to growth, and the strategic focus of the Prime Minister and His Excellency the Governor of the Central Bank of Iraq on empowering small and medium enterprises, is a major focus in our reaching this important achievement.
We are confident “This cooperation will support the creation of a more inclusive and dynamic economy in Iraq.”
It is expected that this loan will contribute to increasing opportunities for small Iraqi companies to obtain financing through the largest private sector bank in Iraq. This initiative will give priority to first-time borrowers and will allocate funding to projects owned by women, which attests to the increase in the number of small projects in Iraq.
In addition to financing, during the project preparation, USAID provided advisory services to facilitate loan negotiations between the National Bank of Iraq and the American International Development Finance Corporation and accelerate the completion of the deal, while the American International Development Finance Corporation is considered the official lender.
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Surpassing Saudi Arabia…Iraqi Oil Exports To America Increased During The Past Week
Economy | 04/21/2024 Mawazine News – Baghdad The US Energy Information Administration announced on Sunday that Iraq’s oil exports to America rose over the past week.
The administration said in a table seen by Mawazine News, “The average US imports of crude oil during the past week from 8 major countries amounted to 4.832 million barrels per day, down by 265 thousand barrels per day compared to the previous week, which amounted to 5.097 million barrels per day.”
She added, “Iraq’s oil exports to America came in second place after Canada, reaching 308,000 barrels per day last week, an increase of 166,000 barrels per day from the previous week, which reached 142,000 barrels per day.”
The administration also indicated that “the majority of America’s oil revenues during the past week came from Canada at an average of 3.458 million barrels per day, followed by Colombia with an average of 246 thousand barrels per day, and from Saudi Arabia at an average of 229 thousand barrels per day.”
According to the table, “the amount of American imports of crude oil, from Mexico, was at a rate of 208 thousand barrels per day, from Brazil at a rate of 189 thousand barrels per day, from Nigeria at a rate of 173 thousand barrels per day, and from Libya at a rate of 21 thousand barrels per day.”
https://www.mawazin.net/Details.aspx?jimare=246358
The Dollar Declines Against The Dinar In Baghdad And Erbil
Economy | 04/21/2024 Mawazine News – Baghdad The exchange rates of the US dollar decreased this morning, Sunday, in the markets of Baghdad and Erbil.
Dollar prices dropped with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,200 dinars for every 100 dollars.
While the selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.
As for Erbil, the dollar also recorded a decline in exchange shops, as the selling price reached 147,150 dinars against the dollar, and the purchase price reached 147,000 dinars against 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=246369
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Provoking Points To Ponder on Failures and Mistakes
There is much to be said for failure. It is more interesting than success.- Max Beerbohm
Failure sometimes enlarges the spirit. You have to fall back upon humanity and God.- Charles Horton Cooley
It is often the failure who is the pioneer in new lands, new undertakings, and new forms of expression. – Eric Hoffer
Let us not be needlessly bitter; certain failures are sometimes fruitful. – E. M. Cioran
If I win several tournaments in a row, I get so confident I’m in a cloud. A loss gets me eager again.- Chris Evert Lloyd
There’s nothing that cleanses your soul like getting the h*** kicked out of you.- Woody Hayes
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