The EBRD Iraq launch will mark a major milestone for Iraq’s economic future. The European Bank for Reconstruction and Development (EBRD) plans to begin operations in Iraq this September. This follows Iraq’s accession to the European Union Bank.
In addition, Governor Ali Mohsen Al-Allaq of the Central Bank of Iraq (CBI) welcomed an EBRD delegation to Baghdad. They discussed the final preparations needed before the launch. This meeting also showcased Iraq’s financial reforms and economic transformation plans.
Al-Allaq explained Iraq’s banking strategy. He said the CBI works to control inflation and maintain price stability. Moreover, the Bank is driving forward a digitisation plan across the financial sector. This includes using advanced technology to improve banking services.
Additionally, the EBRD Iraq launch supports Iraq’s private sector. Al-Allaq emphasized the CBI’s goal to fund different sectors of the economy. These include manufacturing, agriculture, and trade. The aim is to boost sustainable economic growth.
The EBRD delegation confirmed its support for Iraq’s development. They promised to help modernise infrastructure and provide financing for projects. This will assist Iraq in moving toward a green economy and reduce its reliance on oil revenues.
Furthermore, the EBRD will offer technical advice to local institutions. It aims to support job creation and build capacity within the private sector. These steps will help Iraq create a balanced economy with diverse income sources.
The EBRD Iraq launch aligns with broader reform goals. Iraq is pushing to improve governance, promote transparency, and fight corruption. As part of this mission, the CBI is also building stronger banking oversight systems.
Al-Allaq expressed hope that the EBRD’s involvement will speed up reforms. He noted that cooperation with global banks is key to progress. Therefore, the EBRD’s presence could signal a turning point for Iraq’s financial future.
Iraq also wants to attract more foreign investors. Improved financial regulations and the EBRD’s support may boost investor confidence. These changes could bring in fresh capital and strengthen the economy.
With this launch, Iraq moves closer to long-term financial stability and resilience. The EBRD Iraq launch is more than a bank arrival—it is a step toward economic recovery and reform.