Baghdad, Iraq, March 25, 2018—IFC,
a member of the World Bank Group, signed an agreement with Ashur International
Bank (AIB), one of the leading private banks in Iraq, to help the bank
in improving its corporate governance, and developing a digital banking
Under this agreement, IFC will support AIB in its endeavor to strengthen
its corporate governance and risk management framework in line with international
best practices, and help the Bank, in collaboration with the leader payment
company (Al-Amwal Co.), in developing a digital banking strategy.
This will help AIB to ensure a sustainable and more balanced growth and
be in a better position to expand its outreach and services to Iraqi individuals
“Our partnership with IFC will help us to build the needed foundation
to effectively and efficiently expand our outreach to the under-banked
Iraqi retail and businesses and fulfil our mission in contributing in rebuilding
a new stable Iraq.” said Nour Al Handal from AIB.
Despite a very challenging operating environment, AIB has managed to develop
and maintain a strong operational position and is looking to realign its
operations with international best practices and to be able to better manage
planned expansion of its operations.
“Iraq is a priority country to IFC’s development work in the region”
said Ziad Badr, IFC Resident Representative in Iraq. “Strengthen corporate
governance and risk management practices can be a key factor for banks
to survive the volatile current environment”.
Following this Project, AIB will be able
to evolve its operating model and move to the next phase of developing
its banking services to all targeted segments including small and medium
The project is part of IFC’s wider strategy
in Iraq that aims to support private sector development and promote the
growth of a non-oil economy. The initiative is partially funded by United
Kingdom’s Department for International Development (DFID), IFC development
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org