IFC signs trade finance deal with National Bank of Iraq

The International Finance Corporation is to sign two agreements with the National Bank of Iraq - a trade finance agreement to help its client businesses access global markets, boosting trade and spurring economic growth; and a memorandum of understanding to help the bank adopt better corporate governance practices.

Under the trade agreement, IFC and NBI will help the bank's clients import goods, including raw materials, spare parts, and food. The initiative is part of IFC's $5 billion Global Trade Finance Program, which works with more than 600 partner banks worldwide.

Under the MOU, IFC's Advisory Services will help the National Bank implement changes to a new corporate governance code that was launched by the Iraqi Central Bank last week and produced with IFC's support.