Bilal Al-Saghir, Resident Representative of the International Finance Corporation, affirmed that Iraq’s banking sector is steadily evolving to support major development projects, particularly in the energy sector, stressing that partnerships with international institutions will be key to financing a wide range of initiatives.

Al-Saghir stated that Iraq is entering a phase that requires significant financing to advance toward energy diversification and sustainability.

He explained that financing needs span energy production, transmission, and distribution, noting that these large-scale requirements demand coordinated efforts from all stakeholders. He added that the Iraqi banking sector is increasingly positioning itself to play a larger role in supporting such projects in the coming years.

He further emphasized that the scale of required investment necessitates strong partnerships with global financial institutions willing to support and invest in Iraq. Such collaboration, he noted, will enable Iraqi banks and international partners to jointly finance diverse development projects across the country.