The National Bank of Iraq facilitates its clients' trading transactions by offering to send and receive bills for collection.
Entrepreneurs training program
The International Labour Organization chose the National Bank of Iraq to participate in the financial inclusion initiative to support refugees and host communities in Iraq.
Due to its continued efforts in achieving financial inclusion as one of the pioneer banks in financing SMEs in the country, the International Labour Organization chose the National Bank of Iraq to participate in the financial inclusion initiative to support refugees and host communities in Iraq.
Supported by the government of the Netherlands, the Central Bank of Iraq and the International Labour Organization have launched a new financial inclusion initiative last March to support refugees and host communities in Iraq. The initiative targets Iraqi youth, entrepreneurs, and existing companies to provide essential financial services needed to start and develop their businesses and face other business challenges.
The Central Bank of Iraq will finance the initiative in collaboration with the participating banks, using the money available from the 1 Trillion IQD initiative open for all Iraqis who wish to fund their projects. This will be guaranteed by the International Labour Organization and the Iraqi Company for Bank Guarantees. The International Labour Organization will offer the training through certified trainers prepared and dedicated for this program.
The National Bank of Iraq has signed an agreement to hold free training seminars and courses for the youth about startups and SMEs over 18 months in affected areas (Al-Mosul) and refugee-hosting areas (Duhok) and finance their projects as instructed by the Central Bank of Iraq.
Managing Director of the National Bank of Iraq, Mr. Ayman Abu Dhaim, expressed his pride in the bank's selection as one of the participating banks in this important entrepreneurial initiative. The selection serves as an acknowledgment of the bank's pioneering efforts in financing the SMEs in Iraq.
Abu Dhaim said: "Since we launched our operations in Iraq, we have been active in applying the financial inclusion strategy in the country with a focus on people and communities who are financially excluded or have low-income preventing them from accessing the banking products and services. This is besides offering innovative banking services and suitable financing for SMEs, and we have succeeded in fulfilling our ambitious strategy, and our bank today is ranked among the best in financing such projects."
Abu Dhaim added: "Next August, we will start training a group of young men and women in both Al-Mosul and Duhok on financial literacy and SMEs for 18 months to empower them to run their finances and give them the needed skills and expertise to manage their projects."
About National Bank of Iraq
The National Bank of Iraq is owned by the Jordanian Capital Bank Group, and since 2005, it has been providing companies and individuals in Iraq with integrated and innovative banking services and solutions.
Capital Bank serves as the National Bank of Iraq's gate to the international economy due to its vast network of corresponding banks, facilitating national and international transfers both outbound and inbound, granting credit and commercial facilities.
Being part of the group also enables the National Bank of Iraq to trade for its customers in the Jordanian and international markets through Capital Bank's investment arm, Capital Investments, in addition to offering trading services in the Iraq Stock Exchange through the bank's wholly-owned subsidiary Wahat Al-Nakheel Co.
Capital Bank Group's acquisition of the Lebanese Bank Audi's operations in Jordan and Iraq before the end of 2020 has reinforced the group's presence in both markets, increasing the number of branches of the National Bank of Iraq from 13 to 18.