Latest news with #AliMohsenAl-Allaq
Iraq Business
25-06-2025
- Business
- Iraq Business
CBI Launches Programme to Boost Youth Entrepreneurship
By John Lee. The Central Bank of Iraq (CBI) has launched the "Knights" [Al Fursan] programme, a locally-developed initiative aimed at fostering youth entrepreneurship and supporting the private sector's role in national economic development. The launch event, held at the CBI's headquarters on 25 June 2025, was attended by Governor Ali Mohsen Al-Allaq, who emphasised the Bank's commitment to empowering young entrepreneurs and contributing to Iraq's GDP growth through innovative projects. Al-Allaq noted that recent reforms in Iraq's banking sector now enable greater support for income-generating small and medium-sized enterprises (SMEs), which are vital to sustainable private sector development. The "Knights" programme provides: Access to real investment opportunities for young entrepreneurs; Eligibility-based access to soft loans; A support framework to ensure the sustainability of promising ventures and prevent project failure. During the event, a group of young participants showcased their projects, demonstrating an understanding of market demand and available resources. The programme is expected to attract more entrepreneurs in the future and generate new employment opportunities. (Source: Central Bank of Iraq)
Iraq Business
05-06-2025
- Business
- Iraq Business
Germany Supporting Iraq's Lending Strategy for SMEs
By John Lee. Under the patronage of Central Bank Governor Ali Mohsen Al-Allaq, a workshop has been launched to support the implementation of the bank's new strategy to increase private sector lending, with a focus on small and medium-sized enterprises (SMEs). In his opening remarks, Governor Al-Allaq emphasised the bank's commitment to addressing challenges in private sector lending through enhanced coordination with relevant institutions. He highlighted the importance of setting a unified classification system for SMEs and called for the establishment of dedicated administrative structures within government bodies to support these businesses. He also expressed gratitude to the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) for its contributions to the development of the strategy. The Central Bank of Iraq launched the National Strategy for Bank Lending in Iraq (2024-2029) in May 2024, developed in collaboration with GIZ to boost credit activity and drive sustainable economic growth. (Source: Central Bank of Iraq) Tags: banking, Central Bank of Iraq (CBI), cg, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), featured, germany, Loans, MSMEs, National Strategy for Bank Lending for 2024-2029, private sector, SMEs
Iraq Business
02-06-2025
- Business
- Iraq Business
CBI highlights Iraq's Commitment to AML/CFT Standards
By John Lee. Governor of the Central Bank of Iraq (CBI), Mr. Ali Mohsen Al-Allaq, participated in the opening of the second edition of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) Conference , held in Baghdad. Organised by the Central Bank of Iraq, the Union of Arab Banks, and the Iraqi Private Banks League (IBPL), the conference focused on " Challenges Facing Arab Banks in Complying with International Laws and Regulations and Ways to Meet Correspondent Bank Requirements ." In his remarks, Governor Al-Allaq underscored that money laundering and terrorism financing are not merely financial crimes, but critical threats to financial stability. He affirmed Iraq's engagement with international partners in implementing global AML/CFT standards and called for stronger regional and international cooperation to counter such crimes. He also noted that Iraq has made significant advances in its financial and banking sectors, with the CBI working to integrate artificial intelligence and network analysis tools into regulated financial operations. (Source: Central Bank of Iraq)
Iraqi News
27-05-2025
- Business
- Iraqi News
CBI launches national financial inclusion strategy for 2025-2029 with international support
Baghdad ( – The Central Bank of Iraq (CBI) announced on Sunday (May 25, 2025) the launch of its Initial National Financial Inclusion Strategy for the period 2025-2029. This comprehensive framework aims to enable all individuals and companies in Iraq to access and use suitable, secure financial services while ensuring their rights are protected. CBI Governor Ali Mohsen Al-Allaq emphasized the bank's commitment to enhancing financial inclusion. He noted the strategy was developed in collaboration with international partners including the World Bank Group, Arab Monetary Fund, Alliance for Financial Inclusion (AFI), and Germany's GIZ, alongside local public and private entities, aligning with global best practices. Key objectives include increasing the percentage of bank accounts, strengthening consumer protection in financial dealings, promoting the use of modern electronic payment methods, and developing the necessary infrastructure and regulations. The strategy is envisioned as a crucial step towards fostering Iraq's economic and social development by broadening access to the financial sector for all segments of society.
Iraq Business
27-05-2025
- Business
- Iraq Business
Central Bank of Iraq launches Financial Inclusion Strategy
By John Lee. The Central Bank of Iraq (CBI) has launched its first National Financial Inclusion Strategy, covering the period 2025-2029. The initiative provides an integrated framework aimed at enabling all individuals and businesses to access the financial sector and use appropriate, secure financial services with consumer protection guarantees. The strategy is expected to contribute to both economic and social development. Governor Ali Mohsen Al-Allaq emphasised the Bank's commitment to advancing financial inclusion domestically and through collaboration with regional and international partners. The strategy was developed in partnership with the World Bank Group, Arab Monetary Fund, Alliance for Financial Inclusion (AFI), and Germany's Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), along with numerous local public and private stakeholders. Key goals include: Increasing the percentage of Iraqis with bank accounts Strengthening consumer protection within the financial sector Expanding the use of modern digital payment methods Upgrading infrastructure and regulatory frameworks to support inclusion (Source: Central Bank of Iraq)
