World Bank ready to support Iraq's banking sector overhaul, Banga says

BAGHDAD, Iraq — World Bank Group President Ajay Banga said the institution is prepared to provide technical and advisory support to Iraq for restructuring its banking sector. Speaking at a meeting in Baghdad, Banga said the World Bank could share its expertise in the field with Iraqi officials. The talks covered the need for reform of Iraq's financial system, the strengthening of banking infrastructure and the situation of state-owned banks. A World Bank delegation said technical assistance could cover banking regulation, risk management and digital transformation. Banga said the form the support would take would be shaped by the priorities and requests of the Iraqi government. Both sides reached an agreement in principle on establishing joint working groups to accelerate the reform process, according to the statement. No further details on timelines or funding were immediately available.