By John Lee.

The Trump administration has reportedly threatened to block Iraq’s access to its funds in the Federal Reserve Bank of New York if Iraq expels US troops from the country.

The Wall Street Journal quoted unnamed Iraqi officials as saying that the US State Department warning came after the Iraqi parliament voted in favour of a resolution demanding the removal of American forces from Iraq.

Iraq uses the account to deposit its oil sale revenues and pay government salaries and contracts.

According to the most recent financial statement from the Central Bank of Iraq (CBI), the Federal Reserve held about $3 billion in overnight deposits at the end of 2018.

(Source: Wall Street Journal)

By John Lee.

Simon Hinrichsen, a PhD student at the London School of Economics (LSE), has published an analysis of Iraq’s sovereign debt over the years.

The full 51-page report can be downloaded here.

(Source: LSE)

The Iraq Britain Business Council (IBBC) is delighted to be holding a Tech forum within the main Conference at Address Hotel in Dubai on December 8th.

Principal among the speakers are Mr Yassin Bhija of GE Healthcare and Mr Uwe Bork of Siemens Healthcare who are driving the healthtech panel – exploring the hot topic of ‘How best to Develop primary and general healthcare in Iraq.’

Iraq has structural and tactical issues in providing universal healthcare at all levels of delivery and in all locations and classes. The two leading healthcare companies will discuss how tech solutions in general can address the issue and how their particular capabilities contribute to the general provision of healthcare.

Following on the Education Tech panel, will be discussing ‘The importance of Digital literacy in Iraq’, led by Google’s Mr Martin Roeke, Dr Victoria Lindsay of the British Council and Mr Timothy Fisher CEO of Stirling Education.

The Forum is sponsored by Innovest Middle East, an investment company that invests in startups during their scaling up stage in key markets in the Middle East region. With representations in Lebanon, Dubai, KSA, and Iraq, Innovest Middle East has played a key role in driving the startup ecosystem through direct investments as well as through supporting incubation and acceleration platforms collaboration with governmental and international bodies. In Iraq, Innovest Middle East launched IRAQPRENEURS in 2018, in collaboration with the World Bank, Central Bank of Iraq and leading private organizations, which grew to become one of the leading nationwide entrepreneurship empowerment platform in Iraq.

Mr Bassam Falah, CEO of Innovest will be addressing the delegates on the progress in support of the Iraqi start up ecology.

More speakers are expected to confirm.

For more information and to register, please contact london@webuildiraq.org.

(Source: IBBC)

An Iranian private bank has been authorized by the Central Bank of Iraq (CBI) to open seven branches in the Arab country, an official said.

According to the Chairman of the Iranian Private Banks Institute, Koorosh Parvizian, the Iranian private bank has already opened two of the seven branches in Iraq.

He noted that opening of the new banks in the Arab country are part of plans to support Iran’s exports to the Iraqi market.

Every new branch of the Iranian private bank has a capital of $50 million, Parvizian added.

He further stressed that Iran’s private banks and credit institutions were prepared to provide financing for Iranian technical and engineering projects in Iraq.

In July, secretary-general of the Iran-Iraq Joint Chamber of Commerce pointed to the Arab country’s move to allocate $300 billion to its reconstruction, saying there were proper opportunities available for Iranian companies to take part in the process.

In March, Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within two years.

Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh (also known as ISIS or ISIL) terrorism in Iraq, they have not been able to increase their trade volume.

Iran’s main exports to the neighboring country include agro products, foodstuff and fruits such as watermelon, tomato and cucumber, which account for 37% of the total exports.

(Source: Tasnim, under Creative Commons licence)

An Iranian private bank has been authorized by the Central Bank of Iraq (CBI) to open seven branches in the Arab country, an official said.

According to the Chairman of the Iranian Private Banks Institute, Koorosh Parvizian, the Iranian private bank has already opened two of the seven branches in Iraq.

He noted that opening of the new banks in the Arab country are part of plans to support Iran’s exports to the Iraqi market.

Every new branch of the Iranian private bank has a capital of $50 million, Parvizian added.

He further stressed that Iran’s private banks and credit institutions were prepared to provide financing for Iranian technical and engineering projects in Iraq.

In July, secretary-general of the Iran-Iraq Joint Chamber of Commerce pointed to the Arab country’s move to allocate $300 billion to its reconstruction, saying there were proper opportunities available for Iranian companies to take part in the process.

In March, Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within two years.

Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh (also known as ISIS or ISIL) terrorism in Iraq, they have not been able to increase their trade volume.

Iran’s main exports to the neighboring country include agro products, foodstuff and fruits such as watermelon, tomato and cucumber, which account for 37% of the total exports.

(Source: Tasnim, under Creative Commons licence)

An Iranian private bank has been authorized by the Central Bank of Iraq (CBI) to open seven branches in the Arab country, an official said.

According to the Chairman of the Iranian Private Banks Institute, Koorosh Parvizian, the Iranian private bank has already opened two of the seven branches in Iraq.

He noted that opening of the new banks in the Arab country are part of plans to support Iran’s exports to the Iraqi market.

Every new branch of the Iranian private bank has a capital of $50 million, Parvizian added.

He further stressed that Iran’s private banks and credit institutions were prepared to provide financing for Iranian technical and engineering projects in Iraq.

In July, secretary-general of the Iran-Iraq Joint Chamber of Commerce pointed to the Arab country’s move to allocate $300 billion to its reconstruction, saying there were proper opportunities available for Iranian companies to take part in the process.

In March, Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within two years.

Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh (also known as ISIS or ISIL) terrorism in Iraq, they have not been able to increase their trade volume.

Iran’s main exports to the neighboring country include agro products, foodstuff and fruits such as watermelon, tomato and cucumber, which account for 37% of the total exports.

(Source: Tasnim, under Creative Commons licence)

Seedstars World, the largest seed-stage startup competition for emerging markets and fast-growing startup scenes, hosted its Iraq round this Friday, at The Station, where 8 selected startups were invited to present their companies in front of the local jury panel.

The local winners were chosen for their innovative sustainable solutions on their different fields. The 1st winner of the competition was IOT Kids,  an online platform teaching kids how to code using scratch and also direct courses in certain private schools. IOT Kids will go on to represent Iraq at Seedstars Regional Summit.

In second place went to Tabib Baghdad, an online booking platform that connects doctors with patients.

Third place was taken by Ur Transport, a revolutionary airboat eco friendly design which will serve as the major future infrastructure for rivers.

After a careful screening and training on Day 1, the Seedstars team shortlisted 8 of the best seed-stage startups in Iraq who pitched on August 2 for the opportunity to compete at the Seedstars Summit, that annually takes place in Switzerland. The list of the Jury members will included Ali Hili, Youth and Entrepreneurship at Zain Iraq, Bassem Abdel Hadi Hassan, Spokesperson for the Central Bank of Iraq (CBI), Noor Alhandal, Chairman at Ashur International Bank, Khaled Alabadi, Project Manager at GE, Dhafer Hasan, Programme Analyst at UNDP and Anas Al-Chalabi, Business Development Manager at Social n’ Tech

A lot of partners have supported Seedstars at making this event happen. The Main Partners of the Event are Central Bank of Iraq continue to position themselves as great believers in the impact of entrepreneurship. The Local Partners of the event are The Station and Social N’ Tech . Further support is provided by Careem, one of the regions most successful startups, as Entrepreneurship Partners.

In order to provide local entrepreneurs with this opportunity and aiming to deliver the best possible event, Seedstars closely worked with Mohammad Salah, who is representing the initiative throughout the year. “As the Seedstars ambassadors in Baghdad, we’re more than proud to have hosted the competition in Iraq; This event was a massive networking and funding opportunity to the finalists. Bringing Seedstars to Iraq will open the door for other global incubators, accelerators and competitions by encouraging them to expand to Iraq. we are here to make a difference, to create opportunities and give exposure to the ecosystem” explains Mohamad Salah , Managing Director at Social N Tech.

Mira Charkawi, Community Events Manager at Seedstars also said:

“At Seedstars, we believe talent and good ideas are everywhere. We see ourselves as a platform connecting investors to the next generation of startup entrepreneurs in places where normally people wouldn’t think startup ecosystem have such traction, growth and buzz. We are very excited to have been in Baghdad, highlighting such a bustling entrepreneurship ecosystem and we are here to witness the reality”.

Continuing on its world MENA tour, Seedstars World’s next stop is in Cairo taking place at Seedstars Seedspace on the 21&22 of August. Seedstars World is looking for smart startups that solve regional issues and/or develop profitable products for the global market. Startups are invited to apply on the above mentioned websites.

(Source: Seedstars)

By John Lee.

On Wednesday 24 July, Khaled T. Kanaan, Chairman of the Jordan Iraqi Economic Association (JIEA), met with HE Mr. Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq (CBI).

The meeting was a follow-up to the “Digital Transformation in Financial Sector Forum” held in Baghdad on 10 July, which was jointly organized between the JIEA and the Iraq Private Banks League (IPBL), supported by the International Finance Corporation (IFC) of the World Bank Group.

The meeting addressed the CBI strategy to move forward with their drive towards digital transformation in the financial sector.

The JIEA conveyed the message that Jordanian fintech firms will be more than ready to engage in any effort that will assist the Iraqi side in their drive.

(Source: Jordan Iraqi Economic Association)

By John Lee.

Iran’s gas and electricity exports to Iraq are reportedy expected to reach $5 billion by the end of the current Iranian calendar year, which ends on March 21, 2020.

Mehr news agency quotes the Secretary General of Iran-Iraq Joint Chamber, Seyed Hamid Hosseini, as saying that if Iraq agrees it is possible for Iran to barter the necessary goods in return for the gas and electricity, the Central Bank of Iraq (CBI) “should cooperate in this regard“.

(Source: Tehran Times)

The Iraq Britain Business Council (IBBC) held Iraq’s first International Tech Conference in Baghdad at the Babylon Rotana Baghdad Hotel on 30 April, hosting government ministers, private industry, entrepreneurs, investors, and representatives from the leading UK and Iraq Tech companies.

The purpose of the Conference was to drive confidence, investment and awareness of the power of the new tech economy and how it can benefit Iraq.

The event – Iraq Tech Conference – was led by Ashley Goodall, IBBC’s Marketing Adviser. Keynote addresses were given by H.E. Dr Sami Al Araji, Chairman of the National Investment Commission and Mr Ashraf Al Dahan, Chairman of the CMC Board of Commissioners.

The agenda for the day comprised four panels: Consumer Tech panel, E-Government Panel, Business Fintech and a Consumer Fintech Panel.

Fintech in particular is making strides forward with the blessing of the Central Bank of Iraq (CBI), as Mr Waleed Eidi, Advisor to the Governor of the Central Bank, explained and encouraged the adoption of steps to include Women, those excluded from banking and the digital economy and young people.

The CBI is being ambitious in encouraging banks and financial institutions to modernise and offer new ways to distribute the flow of funds for investment and those who need it. This will also have a big impact on the overall economy and growth.

Ahmed Elkady of EY echoed the importance of Fintech as he led the Consumer FinTech Panel discussion onto technical infrastructure and what needs to happen to grow the opportunity for financial transactions. He was ably supported by National Bank of Iraq’s Eyad Mahmoud and Roger Abboud of Arab Payment Systems – who are modernising banking transactions – and Douglas Way of Almaseer Insurance – who are enabling business to reduce risks and transact insurance products rapidly and scalably.

The conference also embodied eight presentations:

  • “How technology is driving the business and consumer world in Iraq and Internationally” by Zain Iraq;
  • Online Literacy” by Dr Victoria Lindsay, Country Director – Iraq for the British Council;
  • Automating & digitising BP and Iraq” by Zaid Elyaseri, Country Manager-Iraq for BP;
  • Restrata Product Announcement” by Botan Osman, CEO for Restrata;
  • “Five One Labs” by Patricia Letayf, Co-Founder and Director of Operations for Five One Labs;
  • Blockchain and AI – The Future Talk” by Muhana Almrahleh, Director – Head of Information Technology Advisory for KPMG (Jordan); and,
  • How Re:Coded are Training the Next Generation of Technology Leaders in Iraq” by Zahra Shah, Country Manager-Iraq for Re:Coded.

Attendees were able to enjoy one-to-one meetings and conversations.

As part of the Tech Conference on April 30, IBBC hosted an Evening Reception for Entrepreneurs and Start-ups at The Station, Baghdad, the evening prior on 29 April. The evening, planned in partnership with Iraq Tech Ventures and Arabnet, showcased the growing tech community in the country and gave an outstanding platform for some of the leading start-ups and entrepreneurs in a more informal setting.

The participating start-ups pitched their business in 5 minutes to a panel of seven judges composed by: Mohammed Khudairi, Managing Partner of Khudairi Group and Founder of Iraq Tech Ventures; Hal Miran, CEO of MSelect and Founder of Bite.Tech and TechHub; Richard Greer, Venture Capital Investor in Asia, Middle East, & UK and Philanthropist in Northern Iraq; Zahra Shah, Iraq Country Manager for Re:Coded; Ali Ismail, Co-Founder of Fikraspace and Co-Founder & Partner of Solo Creative Studio; Patricia Letayf, Co-Founder and Director of Operations for Five One Labs and Maryam Allami, Advisor for Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ) GmbH.

Through this first international Tech Conference in Iraq, IBBC aims to provide a foundation, a platform and focus for Tech in Iraq and give inspiration and confidence to those building a modern Iraq.

For more information on the Iraq Britain Business Council, visit our website at https://www.iraqbritainbusiness.org/

To contact IBBC for Interviews, registration and sponsorship please contact london@webuildiraq.org

(Source: IBBC)