Iraq Plans to Foster SMEs, Develop Baghdad International Airport Amid Strategic Partnership with IFC
Shafaq News/ Mohammed Shia al-Sudani, the Iraqi Prime Minister, on Tuesday said that his government seeks to expedite the Baghdad International Airport development plan and establish a specialized bank to support small-scale enterprises in the country.
Al-Sudani's remarks came during his meeting with Aftab Ahmad, the Regional Director of the International Finance Corporation (IFC), as per a readout by his bureau.
The meeting, according to the readout, discussed prospects of financial cooperation between Iraq and the IFC, and explored strategies to jointly bolster the Iraqi economy's capacity to tackle regional and global challenges and crises.
Al-Sudani said that Iraq has embarked on a reformative course in all fiscal and banking sectors in a bid to attract international collaborations, which in turn would enhance the domestic investment milieu.
The premier said that the IFC is a "partner in development and a proponent of the Iraqi private sector," reiterating the government's eagerness to expedite the completion of the Baghdad International Airport development plan as swiftly as possible for its emblematic role as the nation's cultural façade.
Al-Sudani confirmed the government's intent to collaborate with the IFC to establish the 'Riyadah' Bank, aimed at supporting small-scale projects and creating job opportunities for the country's youth.
Aftab Ahmad reciprocated by expressing the IFC's readiness to cooperate and form partnerships with Iraq, shedding light on the projects due to be implemented in Iraq over the upcoming three years.
Ahmad reaffirmed the commitment to the Baghdad Airport development project and its completion in a record time, as well as the willingness to support the establishment of the 'Riyadah' Bank and fund renewable energy projects in Iraq, along with initiatives to develop the Iraqi youth's competencies in information technology and artificial intelligence.
