The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to loan the National Bank of Iraq (NBI) USD 10 million for on-lending to small and medium-sized enterprises (SMEs) and related advisory services. NBI is a commercial bank owned by Jordan’s Capital Bank Group.
NBI Chairman Bassem Khalil Al-Salem stated the loan will help his institution “continue its consistent support of [SMEs] through increased financing and working capital, which will, in turn, propel business activity, preserve jobs and ensure further economic stability.”
NBI has 18 branches in the major cities of Iraq and provides corporations and individuals with a range of services including deposits, loans, payment cards, e-wallets, transfers, foreign exchange and trade finance. Its financial data are available in Arabic at https://www.nbi.iq/en/about/annual-reports.
Established in 1995, Capital Bank offers commercial and investment services to both corporations and individuals. During 2020, it earned JOD 30.3 million (USD 42.7 million) in net profit on total assets of JOD 3.3 billion (USD 4.7 billion).
IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. During the 2020 fiscal year, IFC reported disbursements of USD 26 billion. For the 12 months ending June 2021, it garnered USD 4.2 billion in net income from USD 105 billion in total assets.
By Adhya Singh, Research Associate
Sources and Additional Resources
NBI press release
https://www.nbi.iq/en/about/ifc-national-bank-iraq-partner-boost-access-finance-smes-create-jobs
Capital Bank homepage
https://www.capitalbank.jo/
Capital Bank financial statements
https://www.capitalbank.jo/en/downloads-annual-report
International Finance Corporation homepage
https://www.ifc.org/
International Finance Corporation financial statements
https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/annual+report/financials
NBI financial statements
https://www.nbi.iq/en/about/annual-reports
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