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According to the Bank’s website, the proposed project is a US$10 million uncommitted trade finance guarantee facility under IFC’s Global Trade Finance Program (GTFP) to Bank of Baghdad (“BoB”) for a tenor of up to 12 months. The purpose of the proposed IFC trade line is to enable BoB to expand its international trade business and support trade in lieu of challenging macroeconomic conditions in Iraq.
This Project will support short-term trade finance activities in BoB. The environmental and social (E&S) risks and impacts associated with these activities are low and the project has therefore been classified as a category FI-3 in accordance with IFC’s Environmental and Social Sustainability Policy.
The Project consists of up to US$10 million trade finance guarantee facility under the Global Trade Finance Program (GTFP) for transactions with tenor up to one year.
GTFP offers confirming banks partial or full guarantees covering payment risk of issuing banks in emerging markets for trade related transactions.
Bank of Baghdad is one of the leading private banks in Iraq, commanding 16% and 22% market share of private banks’ total assets and deposits. BoB is a subsidiary of Jordan Kuwait Bank (JKB) who has 53% shareholding stake in the Bank. The second largest shareholder in BoB is Euphrates Iraq Fund Ltd with 19.9% and the remaining shareholders have less than 2% each.
Bank of Baghdad
Nabeel Tomman
Chief Risk Officer
+964-7809-284957
Nabeel.tomman@bankofbaghdad.com.iq
Dis. 902 – St. 11 – Bul. 25 & 27Post Box. 3192 Alwya
www.bankofbaghdad.com.iq
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