Government, businesses collaborate to improve banking in Erbil

Shafaq News/ The Erbil Chamber of Commerce and Industry in the Kurdistan Region held a workshop on Thursday aimed at enhancing the banking sector’s role in economic development.

According to a statement from the Chamber, the workshop focused on activating the banking sector as well as exploring ways for local factories to access loans from the Central Bank of Iraq (CBI).

"The banking sector plays a vital role in driving economic growth," said Kamran Salah Bajkar, Deputy Head of the Chamber. "Diversifying income sources is crucial, and we must give more attention to agriculture, tourism, and industry."

Erbil Governor Omed Khoshnaw, who attended the event, expressed optimism about the workshop's outcomes. "We hope these discussions will contribute to the development of the region's economic and banking sectors," he said. "The regional government has made significant progress despite numerous challenges, particularly in integrating the public and private sectors and diversifying sources of income."

The workshop also covered various topics, including the CBI’s plans to activate banking activities, the sector’s role in sustainable development, and the challenges facing the banking system." Our goal is to create a dynamic banking environment that supports economic growth," said a representative from the Central Bank of Iraq who attended the event. "We are committed to funding major projects and renewable energy initiatives through targeted loan programs."

Factory owners also voiced their concerns and hopes during the discussions. "We want equal access to the same benefits and privileges available to factories in other parts of Iraq," said one factory owner. "Access to these loans would allow us to modernize our facilities and contribute more effectively to the region's economy."