Central Bank of Iraq and International Finance Corporation plan memorandum of understanding on training and discuss leasing finance proposal

The Central Bank of Iraq reported that Governor Ali Mohsen Al-Allaq met the International Finance Corporation’s resident representative in Iraq, Bilal Al-Saghir, to discuss closer cooperation, with the parties intending to sign a memorandum of understanding focused on training banking staff in Iraq. The meeting also covered a proposal to establish a leasing finance company with local and foreign participation to provide financing for projects and individuals without direct asset purchases, including industrial machinery and equipment, vehicles, offices, and warehouses. Discussions further referenced the Central Bank of Iraq’s banking reform plan being implemented with assistance from Oliver Wyman, framed as aligning with international standards to strengthen the banking sector’s international standing and support certain Iraqi banks’ ability to conduct international transactions.