IFC, International Development Bank Launch Effort to Expand Financial Services in Iraq

International Finance Corporation (IFC), a member of the World Bank Group, today signed a memorandum of understanding (MoU) with the International Development Bank (IDB), one of Iraq’s leading financial institutions, to examine ways of expanding financial services to Iraq’s private sector. 

The memorandum will help IDB as it further strengthens its local footprint and increases its outreach to private sector companies. The collaboration between IFC and IDB aims to make it easier for bank clients to access financial services, like loans and trade financing, ultimately helping them to expand and create jobs. The memorandum is considered important in a country where businesses have limited access to finance.