The Governor of the Central Bank announces the start of the second phase of the banking sector restructuring plan

The Governor of the Central Bank, Ali Mohsen Al-Alaq, announced today, Sunday, the start of the second phase of the banking sector restructuring plan. The bank's media office said in a statement: 'Al-Alaq received a delegation from the World Bank headed by the Regional Director for Equitable Growth, Finance and Institutions for the Middle East and North Africa region, Nader Muhammad,' noting that 'during the meeting, strengthening bilateral relations between the Central Bank of Iraq and the World Bank was discussed, especially restoring the restructuring of government banks, the launch of the Riyada Bank project and its economic and social importance. The two parties also discussed the experiences of neighboring countries in confronting climate change and its impact on the national and regional economy. He added, "The meeting discussed small and medium enterprises and their support by the Central Bank, the development of the financial and banking sectors, non-banking financial institutions, financial market s and the insurance sector, as well as benefiting from the World Bank's experiences in digital transformation, financial inclusion, and digital banks," noting that "the governor reviewed during the meeting , The Central Bank of Iraq's plan to restructure the banking sector,' noting that 'this bank has completed the first phase of the plan, and has begun the second phase.' Al-Alaq stated - according to the statement - that 'the Board of Directors of the Central Bank licensed the Green Bank, which will be the nucleus of renewable energy and sustainable financing initiatives,' revealing 'the Central Bank of Iraq's intention to license a number of digital banks. Source: National Iraqi News Agency