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Baghdad (IraqiNews.com) – The Governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb, inaugurated the first branch of the Iraqi International Development Bank (IDB) in Dubai, UAE, on Wednesday, according to the CBI. Statement, Iraqi News Agency (INA).
“We are delighted and proud when we see one of our banks taking a place in the UAE banking industry after gaining the trust of the Central Bank of the United Arab Emirates,” said Ghaleb.
“This is an important event and we want our banks to participate in this dynamic industry in the UAE,” added Ghaleb.
The opening of the new branch was held under the auspices of the United Arab Emirates Ministry of Economy, as the bank is considered one of the best private banks in Iraq, with a capital of 250 billion Iraqi dinars (approximately $171.17 million).
The opening of the new branch marks another step forward in strengthening strategic economic relations between Iraq and the UAE, with trade between the two countries exceeding $16 billion in recent years, with an annual growth rate of 6%.
The bank seeks to be an economic bridge that opens up prospects for greater economic cooperation between the two countries by strengthening joint economic ties in various sectors including energy, health, industry, agriculture, services, and tourism and housing.
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