International Development Bank, Strategic Sponsor of the Grand Faw Port Summit, Reaffirms Its Commitment to Driving Iraq’s Economic and Logistical Transformation

The International Development Bank (IDB), a leading force in Iraq’s private banking sector and a frontrunner in innovative financial solutions, participated as the strategic sponsor of the Grand Faw Port Summit – Iraq’s Gateway to Investment and Business, held in Basra with wide participation from economic and industrial enterprises, business leaders, local and international investors, and representatives from both public and private sectors.

Held under the theme “Grand Faw Port… Iraq’s Gateway to Investment,” the summit symbolizes the launch of a new phase in Iraq’s comprehensive economic vision, reflecting the government’s commitment to positioning major strategic projects at the heart of its national development agenda.

In his remarks at the summit, Mr. Saad Faeq, Managing Director of the International Development Bank, emphasized that the bank’s sponsorship of this landmark event aligns with its strategic vision to support national infrastructure projects and reinforce Iraq’s standing as a vital trade and logistics hub connecting East and West, stating:

“Our presence today at the Grand Faw Port reflects our deep confidence in the Iraqi government’s vision to transform Iraq into a regional economic powerhouse.

At the International Development Bank, we place our partnerships with the ports and logistics sectors at the core of our strategy, supporting trade and investment through innovative financial solutions that streamline operations and enhance business efficiency.”

Faeq added that the bank has strengthened its regional partnerships through a cooperation agreement with AD Ports Group to develop port and logistics assets in Iraq, contributing to the expansion of trade between Iraq and the UAE and advancing economic integration initiatives between the two countries.

He also noted that IDB is the only Iraqi financial institution licensed by the Central Bank of the UAE to provide corporate banking services, positioning it as a crucial bridge between the Iraqi and Emirati markets and a cornerstone of bilateral trade and investment cooperation.

The bank operates Iraq’s largest private banking network, covering all provinces, in addition to its international branch in the United Arab Emirates. This expansion strategy aims to enhance financial inclusion and provide integrated banking services for individuals, companies, and entrepreneurs. Recently, the bank launched Iraq’s first “IDB Smart Zone” as part of its digital transformation roadmap, supported by a network of more than 500 ATMs across the country to deliver a secure and advanced digital banking experience.

IDB’s participation in the Grand Faw Port Summit reaffirms its ability to deliver comprehensive financial and banking solutions for the ports and logistics sectors, including letters of credit, cash management, invoice financing, and advanced digital services that enable clients to manage their operations remotely with greater efficiency.

These solutions contribute to facilitating trade, reducing operational costs, and accelerating the movement of goods through Iraq’s ports and border crossings.