Mr. Wadee Al Handal, Chairman of Al Handal International Group (HIG) and President of the Iraqi Private Banks League (IPBL), participated in the eighth International Guarantee Conference, held on December 18th, in Baghdad, organized by The Iraqi Company for Bank Guarantees and sponsored by the Central Bank of Iraq (CBI). The event brought together key government officials, industry leaders, and financial stakeholders to discuss the development of Iraq’s banking and financial sector.
During the conference, Mr. Al Handal emphasized the pressing need to enhance the capacity of the Iraqi Company for Bank Guarantees to meet the rising demand for bank loans, particularly among small and medium-sized enterprises (SMEs). He highlighted the significant support from Prime Minister Mohammed Shia' Al-Sudani’s government for loan guarantees, which play a vital role in driving economic growth and fostering entrepreneurship.
“The Iraqi government’s commitment to loan guarantees is a pivotal step toward supporting SMEs and advancing the national economy,” Mr. Al Handal noted in his address. He pointed out the importance of increasing the company's capital to enable it to guarantee loans for entrepreneurial projects, aligning with the Prime Minister’s "Reyada" initiative, which focuses on empowering small businesses.
Established in 2006 with the support of a $16 million grant from the U.S. Agency for International Development (USAID), the Iraqi Company for Bank Guarantees has successfully guaranteed thousands of projects. However, Mr. Al Handal stressed that further state investment is essential to expand its capacity and foster private sector job creation, given the public sector’s limited ability to absorb new employment.
Al Handal International Group (HIG) remains deeply committed to driving economic growth and innovation throughout Iraq, focusing on creating sustainable development and empowering local Industries.