The Iraqi Private Banks League participated in the 8th International Guarantee Conference, organized by the Iraqi Bank Guarantees Company (IBGC), with the attendance of various government officials, including Dr. Ammar Khalaf, Deputy Governor of the Central Bank.

Wadee Al-Handel, Chairman of the Iraqi Private Banks League, underscored that Iraq needs to develop the IBGC to address the increasing demand for banking loans. He emphasized the Prime Minister’s support for the private sector and its initiatives.

In his remarks, Al-Handel highlighted the government’s strong backing under the leadership of Prime Minister Mohammed Shia Al-Sudani for loan guarantees, citing their significant role in strengthening the Iraqi economy by supporting small and medium-sized enterprises (SMEs).

The Prime Minister’s continued support for the private sector presents a vital opportunity to advance the national economy. The IBGC, established in 2006, has secured thousands of projects, leveraging a $16 million grant from USAID, he added.

Al-Handel also called for state support to enhance the company’s operations and increase its capital to meet the growing demand for banking loans and to provide guarantees for SME projects, since it aligns with the Prime Minister’s focus on entrepreneurial projects through the “Riyada” initiative.

He concluded by stressing that with the state unable to create sufficient public-sector jobs, it is imperative to generate employment opportunities in the private sector by supporting projects, which requires state investment in the IBGC.