Baghdad, Iraq, March 25, 2018
—IFC, a member of the World Bank Group, signed an agreement with Ashur International Bank (AIB), one of the leading private banks in Iraq, to help the bank in improving its corporate governance, and developing a digital banking strategy.
Under this agreement, IFC will support AIB in its endeavor to strengthen its corporate governance and risk management framework in line with international best practices, and help the Bank, in collaboration with the leader payment company (Al-Amwal Co.), in developing a digital banking strategy.
This will help AIB to ensure a sustainable and more balanced growth and be in a better position to expand its outreach and services to Iraqi individuals and businesses.
“Our partnership with IFC will help us to build the needed foundation to effectively and efficiently expand our outreach to the under-banked Iraqi retail and businesses and fulfil our mission in contributing in rebuilding a new stable Iraq.” said Nour Al Handal from AIB.
Despite a very challenging operating environment, AIB has managed to develop and maintain a strong operational position and is looking to realign its operations with international best practices and to be able to better manage planned expansion of its operations.
“Iraq is a priority country to IFC’s development work in the region” said Ziad Badr, IFC Resident Representative in Iraq. “Strengthen corporate governance and risk management practices can be a key factor for banks to survive the volatile current environment”.
Following this Project, AIB will be able to evolve its operating model and move to the next phase of developing its banking services to all targeted segments including small and medium enterprises.
The project is part of IFC’s wider strategy in Iraq that aims to support private sector development and promote the growth of a non-oil economy. The initiative is partially funded by United Kingdom’s Department for International Development (DFID), IFC development partner.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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