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.

Introduction In November 2020, ahead of annual term contract negotiations,1 Iraq’s State Oil Marketing Organisation (SOMO) announced it would further split its crude streams from two into three by launching a new export grade: Basrah Medium. The launch of Basrah Medium – 27.9° API (3% sulphur) – in January 2021 marks the second time Iraq has split its Basra crude stream

Large projects to gather associated gas are making progress Increased investment in large projects to gather associated gas in Iraq has increased optimism that the country is going to make progress in reducing harmful oil sector emissions. In 2020, Iraq flared more natural gas from its oil fields than any other country apart from Russia, according to a World Bank study pu

Forward This research work was supported by the German Agency for International Cooperation GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH) and implemented in cooperation with the Iraqi Economists Network. The activity is part of the GIZ project Private Sector Development (PSD) which is being implanted in Iraq since 2018. The objective of this particular ac

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