May 27, 2023
Today, Saturday, the Governor of the Central Bank of Iraq, Professor Ali Mohsen Al-Alaq, announced the establishment of the Riyada Bank for Social Development, and
the new bank will work to support the segments of Iraqi society, pointing out that
the bank has social and economic dimensions, and
the Central Bank of Iraq will provide the necessary support through various initiatives to make this project a success.
On the sidelines of the opening of the annual Iraqi banking conference organized by the Association of Private Banks, the governor said,
"The initiatives of the Central Bank of Iraq are the largest in the history of Iraq," revealing
"the completion of new projects, including the establishment of the Riyada Bank for Social Development in line with the vision and initiative of the Prime Minister in The government project (Riyada) to support youth,” stressing that
“the bank will be the first in Iraq to care for low-income people through soft loans and simple guarantees in support of the vulnerable segments, and
to diversify the non-oil economy through small and micro projects to activate the private sector and reduce unemployment and poverty rates,” noting that
"The Central Bank of Iraq put the final touches to prepare a national strategy for bank lending." The Governor noted," He explained,
"The Central Bank is working to achieve an integrated structure, rules, and sustainable policies to overcome technical challenges, information security, and cybersecurity, and implement security and privacy measures to protect users and the public's information."
The Jordanian and Palestinian central bank governors participated in this conference, and a large presence of the Iraqi banking sector, in addition to dialogue sessions that talked about the directions of the Central Bank of Iraq in banking reform and development, in which the directors of the Central Bank of Iraq departments and the Iraqi Private Banks Association participated.
The Central Bank of Iraq,
May 27, 2023