Baghdad (IraqiNews.com) – The European Bank for Reconstruction and Development (EBRD) is bolstering trade financing in Iraq by extending a credit ceiling of up to US$ 25 million (€21.3 million) to Bank of Baghdad, one of Iraq’s main private-sector banks.
The initiative is part of the EBRD’s Trade Facilitation Program (TFP) and aims to assist the Bank of Baghdad in enhancing its import and export transactions, as well as expanding its correspondent banking relationships.
The funding will assist in closing trade financing gaps in Iraq, improve access to trade finance for micro, small, and medium-sized enterprises (MSMEs) involved in cross-border trade, and boost commercial ties with regional and worldwide markets.
The technical cooperation funded by the EBRD will include advising help, specialized training, access to the EBRD Trade Finance e-Learning Program, and seminars on essential trade finance subjects.
The European Union will fund the creation of a dedicated training curriculum for the Bank of Baghdad, focusing on core and advanced banking competencies, improving staff skills, strengthening service delivery, and promoting the continued development of Iraq’s banking sector.
The initiative will also promote financial inclusion by providing a specific training module on increasing access to financial services for underrepresented populations, particularly women.
The Bank of Baghdad is one of Iraq’s top three private banks, with total assets of $2.2 billion by the end of 2025 and 35 branches around the nation.
In 1999, the EBRD launched the TFP initiative to enhance international commerce. The program provides guarantees and short-term loans to selected participating banks, which in turn support local exporters, importers, and distributors.
