EBDAA Microfinance Company CEO Dr Khalid Al Ghazzawi emphasised the company’s readiness to provide the necessary expertise and advice to transfer Bahrain’s advanced experience in the microfinance industry to Iraq, and highlighted the significant progress and accumulated experience of the company since its establishment in Bahrain in 2009.
This was stated during Dr Al Ghazzawi’s reception of a delegation from the Central Bank of Iraq, led by deputy governor Dr Ammar Hamad Khalaf, at the company’s headquarters in Sanabis.
During the meeting, both parties agreed to develop a collaborative working mechanism to exchange best practices in banking, microfinance, financial inclusion, relevant legislation, training staff, and educating target customers on how to maximise the benefits of concessional financing.
The meeting also addressed the company’s support for the Central Bank of Iraq’s initiative to launch the “Riyada” Bank. This initiative involves a consortium of the largest Iraqi banks contributing one billion Iraqi dinars in capital to bolster the expansion of microfinance initiatives in Iraq.
Given the urgent need to accelerate development across various sectors and the high unemployment rate, the provision of small, soft loans is seen as a vital tool. These loans aim to help citizens overcome economic challenges while simultaneously increasing their participation in comprehensive and sustainable development.
In a statement on the sidelines of the visit, Dr Al Ghazzawi affirmed the readiness of Ebdaa and the Arab Gulf Programme for Development (AGFUND), to provide the necessary expertise and advice to support a genuine microfinance industry in Iraq.
Dr Al Ghazzawi said: “The extensive experience accumulated by Ebdaa Bank in Bahrain over the past 15 years, coupled with AGFUND’s success across its network of nine banks in the Arab region and Africa, positions them well to offer comprehensive guidance on best practices for establishing microfinance institutions.”
The CEO emphasised the company’s commitment to fully co-operating with the Central Bank of Iraq and providing comprehensive training and advisory programmes in banking and administrative services.
This effort aims to enhance the microfinance industry and expand the availability of such financing in Iraq, reaching as many individuals as possible who are seeking small loans to start their emerging projects, thereby creating more job opportunities and advancing economic development.
This co-operation aligns with Ebdaa’s initiatives to open communication channels with all entities and institutions involved in microfinance in the region. The goal is to provide the necessary support to enhance the capabilities of microfinance institutions in delivering effective services, particularly to youth, women, and productive families.
By doing so, Ebdaa aims to help these groups become productive members of society, contribute to job creation, foster a culture of entrepreneurship, and support the development of creativity and innovative ideas.
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