Bank of Baghdad signs an agreement with the International Finance Corporation (IFC) under the GTFP program to promote international trade.
Bank of Baghdad signs an agreement with the International Finance Corporation (IFC) under the GTFP program to promote international trade.
2025/09/14
The Bank of Baghdad announced the signing of a strategic cooperation agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to join the Global Trade Finance Program (GTFP), one of the most prominent global initiatives to support and expand banks’ capabilities to finance international trade.
This agreement aims to enable the Bank of Baghdad to obtain facilities and guarantees from the International Finance Corporation (IFC), contributing to strengthening trade finance operations for its corporate clients, importers, and exporters. This step will support the smooth flow of import and export operations and open up broader opportunities for Iraqi companies to access global markets, thus strengthening Iraq’s position in international value chains.
Mehmet Momjulu, Regional Director of the Financial Institutions Group at IFC, said:
“Trade is the lifeblood of every economy. The Global Trade Finance Program helps banks expand their capabilities to support cross-border trade and ensure access to essential goods. We are proud to work with the Bank of Baghdad to advance this mission.”
In this regard, Mr. Ahmed Maala, Acting Managing Director of the Bank of Baghdad, stated:
“Signing this agreement with the International Finance Corporation reflects the Bank of Baghdad’s deep commitment to supporting the Iraqi economy and the private sector in particular. We are fully aware that international trade is a major driver of economic growth, and that enabling Iraqi companies to access advanced and reliable financing solutions is key to enhancing their competitiveness regionally and internationally.”
“The Global Trade Finance Program (GTFP) provides the Bank of Baghdad with access to a wide network of international banks and financial institutions, enhancing our ability to meet our clients’ needs with greater efficiency and transparency,” Maala added. “It also opens the door to further investment and enhances the confidence of international partners in the Iraqi banking sector.”
He concluded by saying, “This partnership represents a practical step toward achieving our vision of making Bank of Baghdad the first choice for retail and corporate customers, by offering innovative banking services that meet international standards and support sustainable development efforts. At Bank of Baghdad, we believe that building Iraq’s economic future requires strong partnerships with reputable international institutions such as IFC, and this agreement is evidence of this strategic direction.”
alforatnews.iq
