Germany Working On Financial Inclusion In Iraq

Date

11/21/2023 9:00:22 PM

(MENAFN- Iraq Business News) By John Lee.

Germany's Gesellschaft für Internationale Zusammenarbeit (GIZ) (German Agency for International Cooperation) has joined forces with the Iraqi Private Banks League (IPBL) to work on more inclusive financial services.

"Together, we can harness the unique strengths from both the private sector and the public sector and make a significant contribution to financial inclusion in Iraq", said Lutz Zimmermann, GIZ Iraq's Country Director, during the kick-off event.

GIZ and IPBL signed an agreement that marks the official start of the collaboration of two major activities, the IN4FI advisory program, which supports Iraqi financial service providers in developing inclusive financial services or products, as well as the financial literacy application "Masrafi".

"In the next phase, financial inclusion is not only a goal but also a tool that will enable the Central Bank to support monetary stability in Iraq", highlighted Adnan Asaad, Director General Payments and IT Department at the Central Bank of Iraq (CBI) .

This activity is part of the Financial Inclusion for Economic Restart and Integration (FI) Project, co-funded by Germany's Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union (EU).

(Sources: GIZ, IPBL)

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