Baghdad to host Union of Arab Banks Conference

Shafaq News/ The Union of Arab Banks will hold its next conference in Baghdad, sponsored by Iraqi Prime Minister Mohammed Shia Al-Sudani, a senior official said on Monday.

The head of the Iraqi Private Banks League, Wadee Al-Handal, indicated during the conference in Cairo that the current Iraqi government has played a major role in advancing public-private partnerships, beginning with the establishment of the Private Sector Council.

Iraq’s private banking sector has expanded significantly through partnerships with the government, including initiatives to promote electronic payments and the signing of contracts between government institutions and banks to modernize electronic payment infrastructure, he continued.

Al-Handal also revealed that electronic transactions via bank cards surpassed 21.1 trillion dinars (about $16.1 billion) in 2024 through more than 58.4 million transactions, compared to just over 7,000 transactions recorded in 2017 — describing the growth as a major development.

Arab and foreign investments in Iraq totaled $63 billion over the past two years, with the increase attributed to stronger cooperation between the government and the private sector.

“Development Road project is a major gateway for further public-private collaboration,” he stated, noting that it offers wide opportunities to boost Iraq’s gross domestic product (GDP).