The International Development Bank Concludes the Union of Arab Banks Conference in Baghdad as a Diamond Sponsor

The International Development Bank (IDB) concluded its participation as a Diamond Sponsor in the Union of Arab Banks Conference, successfully held on May 6 and 7, 2024, at the Babylon Rotana Hotel in Baghdad. The conference was sponsored by the Governor of the Central Bank of Iraq, Dr. Ali Mohsen Ismail Al-Alaq, the Association of Iraqi Private Banks, and the Union of Arab Banks. With the theme "Challenges Facing Arab Banks in Compliance with International Laws and Regulations and Meeting Correspondent Banks' Requirements," the conference provided a platform to discuss critical issues facing the banking sector in the region.

During the event, Dr. Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank and a member of the Board of Directors of the Union of Arab Banks, delivered a speech emphasizing the importance of compliance with international laws and regulations. He stated, "Compliance with international laws and regulations is not just a legal necessity or obligation, but an investment in trust and economic stability. It reflects our commitment to transparency and integrity, which are the foundations of success and sustainability in banking."

He added, "If the Arab region aims to achieve economic integration and renaissance, economists must recognize the historical moment Iraq is experiencing as the fourth-largest economy in the Middle East and North Africa." He lamented that "our Arab region is one of the least integrated globally, with inter-Arab trade representing only 18% of total trade and exports."

The conference, which saw extensive participation from Arab banking and economic officials, provided a platform for Dr. Ziad Khalaf to emphasize the need to revive the banking sector. He underscored the importance of expanding electronic payment services and developing operational mechanisms, including improving regulation and supervision, and increasing flexibility through the adoption of digital solutions. He also highlighted the significance of enhancing information security, combating fraud, and ensuring compliance with laws and regulations.

Dr. Ziad Khalaf concluded by urging participants and the banking sector, in general, to "enhance cooperation to build strong foundations for sustainable growth in our Arab region." The International Development Bank looks forward to reinforcing these efforts and continuing its pioneering role in supporting sustainable development and financial inclusion in Iraq and the region.