CBI Governor opens International Development Bank in the UAE
IDB’s first branch in Dubai. Photo: International Development Bank
Baghdad (IraqiNews.com) – The Governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb, inaugurated on Wednesday the first branch of the International Development Bank (IDB) of Iraq in Dubai, UAE, according to the CBI statement cited by the Iraqi News Agency (INA).
“We feel happy and proud when we see one of our banks occupying a position within the UAE banking sector after obtaining the confidence of the Central Bank of the United Arab Emirates,” Ghaleb stated.
“It is an important event on which we build our hopes for the participation of our banks in this vibrant sector in the UAE,” Ghaleb added.
The inauguration of the new branch took place under the auspices of the Ministry of Economy in the United Arab Emirates as the bank is considered one of the best Iraqi private banks with a capital of 250 billion Iraqi dinars (approximately 171.17 million USD).
The opening of the new branch represents a step forward to strengthen the strategic economic relations between Iraq and the UAE, where the volume of trade exchange between the two countries in recent years reached more than 16 billion USD, with an annual growth rate of six percent.
The bank seeks to be an economic bridge that opens up prospects for greater economic cooperation between the two countries by strengthening joint economic relations in various sectors, such energy, health, industry, agriculture, services, in addition to the tourism and housing sectors.