Share the page
Supporting trade development in Iraq
Project
-
Signature date
-
-
Location
-
Iraq
-
Financing tool
-
Financing amount (Euro)
-
9000000
-
Financing details
-
USD 10m guarantee
-
Customer
-
NATIONAL BANK OF IRAQ
-
Type of customer
-
Financial institution
-
Country of headquarters
-
Iraq
-
Project number
-
PIQ1010
This information is given at the time of signature, without prejudice to any developments in the operation/project.
The guarantee is the first partnership between Proparco and the National Bank of Iraq (NBI). It will support local importers in a country severely affected by the lack of financial investors.
Client presentation
The National Bank of Iraq (NBI) was established in 1995 as a public shareholding company. In 2005, Capital Bank of Jordan (CBJ) acquired approximately 62% of the bank’s capital, becoming its main shareholder. NBI operates through its headquarters in Baghdad and its network of 18 branches in the country’s main cities. It employs over 400 people. Iraq has major import requirements and NBI contributes to financing all sectors of the economy.
Project description
This 2-year facility allocated by Proparco will allow the National Bank of Iraq to issue Trade Finance instruments for up to USD 10m, with an AFD Group guarantee ranging between 20% and 100%. This project will have a significant impact, as by increasing the financing capacity of the National Bank of Iraq, PROPARCO will be providing strong support to local importers, in a country severely affected by the lack of financial investors. Proparco’s financing will thereby support investments, job creation and economic growth.