Iraqi Economists Network

IFC, National Bank of Iraq Partner to Boost Access to Finance for SMEs, Create Jobs

Baghdad, Iraq, October 24, 2021- To support the growth of smaller businesses in Iraq and help them create jobs and overcome challenges, including from COVID-19-related disruptions, IFC today announced an investment for the National Bank of Iraq (NBI). IFC's $10 million loan to NBI will allow the bank to increase lending to small businesses in Iraq across a range of sectors. IFC will also provide NBI with advisory services support to help it reach more small and medium enterprise (SMEs) clients and better serve them. A World Bank report found that about 60 percent of jobs in Iraq are in the private sector and that SMEs are responsible for most of them. Even so, smaller businesses in the country face numerous challenges, including lack of liquidity.

Jordan evaluates Iraq power link bids

Four firms submitted bids for the first phase of the project linking the two countries Jordan's National Electric Power Company (Nepco) is evaluating the bids it has received for the contract to install a gas insulated switchgear (GIS) as part of the project to build a substation to link the country’s electricity grid with Iraq. MEED understands the firms that submitted a proposal for the contract include: ABB Power Grids (Hitachi Energy, Japan) GE (US) Siemens (Germany) National Contracting Company (Saudi Arabia)

Iraq and Saudi Arabia discuss developing gas fields

Oil ministry says relations are improving across the energy and industrial sectors Iraq and Saudi Arabia have discussed increased cooperation on developing gas fields, according to Iraq’s Oil Minister Ihsan Abdul-Jabbar. In a statement he said bilateral relations were improving across the energy and industrial sectors, including developing gas resources, petrochemical projects, and implementing projects to improve electricity grids.

Schlumberger signs deal to drill 96 wells in Iraq

The West Qurna 1 field contract is worth $480m Iraq has signed a $480m contract with US-based Schlumberger to drill 96 horizontal and diagonal oil wells at the West Qurna 1 field in Basrah. Saad al-Damen, vice president of Schlumberger, said the contract will add 200,000 barrels a day (b/d) to production at the field.

Acknowledgments The Middle East and Central Asia Regional Economic Outlook (REO) Update is prepared each spring by the IMF’s Middle East and Central Asia Department (MCD). The analysis and projections contained in the MCD REO are integral elements of the department’s surveillance of economic developments and policies in member countries. It draws primarily on information gat

Baghdad is most at risk from the global transition to net-zero by the middle of the century Iraq's deputy prime minister and finance minister Ali Allawi called on the international community to help rentier economies such as Iraq through funding and transfer of knowledge to combat climate change. AFP Iraq, Opec's second-largest producer, plans to inves

Third year of drought forces Iraq to cut crop area in half Adverse weather sent global wheat prices near multiyear high A dried up river bed in the al-Huwaiza Marshes south of Baghdad in September., Photographer: Asaad Niazi/AFP/Getty Images A third straight year of drought is forcing Iraq to cut its crop area in half, another example of how extreme weather caused b

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