In a landmark move to support Iraq's burgeoning entrepreneurial sector, the U.S. International Development Finance Corporation (DFC) and the U.S. Agency for International Development (USAID) have announced a $50 million loan to the National Bank of Iraq (NBI). This agreement marks DFC’s first loan to an Iraqi commercial bank, aiming to broaden financing opportunities for entrepreneurs across the nation.

The ceremonial signing, held in Washington, D.C., was attended by DFC CEO Scott Nathan and NBI Chairman Bassem Al-Salem, and witnessed by Iraqi Prime Minister Mohammed Shia’ Al-Sudani during the US-Iraq Higher Coordinating Committee meeting. This event highlights the enduring partnership between the U.S. and Iraq, underscoring their shared commitment to fostering economic growth and opportunity.

"DFC is committed to helping Iraq unlock its economic potential by providing essential financial support for small businesses," said Nathan. "This investment is a crucial step in increasing access to finance for first-time borrowers and women entrepreneurs across Iraq."

USAID Mission Director to Iraq, Elise Jensen, emphasized the critical role of financial access in driving innovation and job creation. “USAID’s assistance enables private banks to overcome liquidity challenges and offer affordable loans to small businesses. Our partnership with NBI and DFC is instrumental in creating a more robust, diversified, and inclusive private sector in Iraq,” Jensen added.

NBI CEO Ayman Abu Dhaim lauded the Iraqi Government’s dedication to fostering growth and empowering small and medium-sized enterprises. "This collaboration will promote a more inclusive and dynamic economy in Iraq," he said.

The $50 million loan will enhance financing access for smaller Iraqi businesses, prioritizing first-time borrowers and women-owned enterprises. During the project’s preparation, USAID provided advisory services to expedite the loan negotiations and closure, with DFC serving as the lender of record for the loan transaction.

The U.S. International Development Finance Corporation (DFC) partners with the private sector to address critical challenges in developing countries. DFC invests in sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services, adhering to high standards for environmental and human rights.

Through USAID, the United States has been a dedicated partner to Iraq, promoting social and economic stability. USAID collaborates with the Iraqi Government, international institutions, and local partners to accelerate economic growth and empower women, youth, and religious and ethnic minorities in Iraq.