The Iraqi Private Banks League has signed a memorandum of understanding (MoU) with the German Corporation for International Cooperation (GIZ) to establish a strategic framework supporting the development of Iraq's financial and economic sectors, while enhancing banking services and promoting sustainable economic growth.

The agreement was signed on behalf of the Iraqi Private Banks League by its Executive Director, Ali Tariq, and on behalf of GIZ by its Deputy Country Director, Yona Brusche.

Signing the MoU with a longstanding international organization such as GIZ marks a significant milestone in the League's ongoing efforts to advance Iraq's financial and banking sector, Tariq said.

The League is working to expand banking services and foster an enabling environment for the growth of small and medium-sized enterprises (SMEs), which constitute a cornerstone of the national economy, he added, noting that the partnership will make a significant contribution to building the capacities of banking professionals and facilitating knowledge exchange, thereby improving the quality of services provided to citizens and supporting Iraq's reconstruction and sustainable development efforts.