The proposed investment is with International Development Bank (“IDB” or the “Bank”), consisting of an up to US$10 million of uncommitted trade finance line with tenors up to 12 months under the Global Trade Finance Program (“GTFP”) (the “Project”).
The Project consists of an investment of up to US$10 million under the Global Trade Finance Program (GTFP). GTFP offers confirming banks partial or full guarantees covering payment risk on banks in emerging markets for trade related transactions.
IDB is a leading private bank in Iraq. Established in 2011, IDB is the second largest private-sector bank in terms of total assets as of June-2022. The Bank is listed on Iraq Stock Exchange since 2017 with a market capitalization of IQD202.5 billion (US$ 139 million) and paid in capital of IQD 250 billion (US$ 171 million).
The Bank is currently present in all major provinces in Iraq, including in Kurdistan. The Bank offers its banking services through its digital platform, and 22 branches which are complemented by 300 ATMs and 1,500 POS across the country. Furthermore, IDB recently established its first branch in the United Arab Emirates.
IDB is majority owned by its founding “Khalaf Abed Kareem” family from Iraq. The following presents the ownership structure of IDB:
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