Entrepreneurs Training Program

The International Labor Organization selects the National Bank of Iraq to participate in the Financial Inclusion Initiative

Entrepreneurs Training Program

About the National Bank of Iraq

Owned by the Capital Bank Group of Jordan since 2005, the National Bank of Iraq provides a full range of innovative banking services to companies and individuals in Iraq.

Thanks to its wide network of correspondent banks, Capital Bank represents the National Bank of Iraq's gateway to global economies, where it facilitates the sending and receiving of internal and external transfers, grants credit facilities, and provides trade financing services through Capital Investments, Capital Bank’s investment arm, as well as offering trading services in the Baghdad Stock Exchange Market through its wholly owned subsidiary, Wahat Al-Nakheel.

The acquisition of the Lebanese Bank Audi business in Jordan and Iraq by the Capital Bank Group before the end of 2020 strengthened the group's spread and presence in these two markets, where the branches of the National Bank of Iraq increased from 13 to 18 branches.

Due to its continuous efforts to achieve financial inclusion and as one of the leading banks in financing small and medium enterprises in the country, the International Labor Organization announced the selection of the National Bank of Iraq to participate in the Financial Inclusion Initiative in order to support host communities and emigrants in Iraq.

The International Labor Organization and the Central Bank of Iraq launched at the end of last March 2022, with the support of the Government of Netherlands, a new initiative for financial inclusion in order to support host communities and emigrants in Iraq. The initiative targets Iraqi youth and entrepreneurs as well as existing companies to provide the necessary financial services that help them establish and develop their own businesses, and to face other barriers in the business environment that impede access to decent self-employment.

The Central Bank of Iraq will provide funding from the (1) trillion dinars initiative available to all Iraqis wishing to finance their projects through participating banks, guaranteed by the International Labor Organization and the Iraqi Company for Bank Guarantees, and training by the International Labor Organization, which has prepared trainers who will in turn train beneficiaries of this initiative.

The National Bank of Iraq signed an agreement under which it will hold free training courses for young people on emerging, small and medium companies over a period of 18 months in the disaster-stricken areas (Mosul) and refugee-hosting areas (Dohuk), and provide the necessary funding for their projects in accordance with the instructions of the Central Bank of Iraq.

The Managing Director of the National Bank of Iraq, Ayman Abu Dhaim, expressed his pride in choosing the bank among the list of banks participating in this important pioneering initiative, as one of the leading banks in financing small and medium enterprises in Iraq by saying: "Since our inception in the Iraqi banking market, we have been working to actively participate in implementing the strategy of financial inclusion and inclusion in the country by focusing on financially marginalized groups or those with low incomes who are not allowed to engage in banking system operations, in addition to providing our innovative banking services and providing appropriate financing for owners of small and medium enterprises, and thanks to our ambitious strategy, in contributing to these initiatives, we have succeeded. Today, our bank is ranked among the best banks in financing these types of projects."

Abu Dhaim added: "Starting next August, we will train a group of young people in Mosul and Dohuk over a period of 18 months on business and financial culture to enable them to manage their financial affairs in the issues of small and medium enterprises and provide them with the skills and expertise necessary to manage these projects."

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