Baghdad: Prime Minister Mohammed Shia al-Sudani has directed financial and banking institutions to cooperate with Arab and foreign investors, aiming to bolster Iraq’s economy. This directive was announced during the inauguration of the Arab-Iraq Bank, which is supported by Iraqi, Arab, and foreign capital.
According to National Iraqi News Agency, the Prime Minister highlighted the significance of the newly opened bank, noting that it symbolizes a strong vote of confidence in Iraq’s economic landscape. Al-Sudani emphasized that the involvement of elite Arab and foreign investors in this venture is a testament to Iraq’s improving business environment, which is becoming increasingly attractive to investment.
The Prime Minister elaborated on the strategic importance of the Arab Bank-Iraq, describing it as a valuable addition to Iraq’s national banking sector. He underscored its potential to provide advanced banking services crucial for financing sustainable development projects. Al-Sudani called for stimulating investment in diverse projects, leveraging the capabilities of Iraq’s private sector, which is well-versed in navigating the investment environment.
Al-Sudani further stressed the importance of collaboration between the Arab Bank-Iraq, national banking institutions, government entities, and both Arab and foreign investors. Such cooperation is vital to harnessing financial capabilities and banking expertise to support Iraq’s developmental agendas.
During the bank’s opening ceremony, al-Sudani reiterated the government’s commitment to reforming Iraq’s economy. He outlined the transition from a single-source rentier economy to a diversified and sustainable one, capitalizing on Iraq’s natural resources. He acknowledged the social and political challenges faced during the reform process and praised the partnership between the government, the Central Bank, state-owned banks, and the private sector.
The Prime Minister affirmed that Iraq has achieved significant progress in establishing reliable relationships with international financial institutions. He highlighted the critical timing of the Arab Bank’s presence in Iraq, coinciding with genuine developmental strides and emerging projects and investment opportunities across various sectors.
Al-Sudani concluded by asserting the necessity for an integrated system of advanced banking services, including modern digital solutions, to meet evolving customer needs. He reiterated the directive for financial and banking institutions to collaborate with Arab and foreign investors, fostering a robust, diversified, and sustainable economic future for Iraq.