Abacus' strategic win with Central Bank of Iraq

Abacus has secured a strategic project with Central Bank of Iraq. Central Bank of Iraq has received financing from World Bank towards the cost of Emergency Banking Sector Reform Project. Central Bank intends to apply portion of funds to eligible payments under the contract for development of a web-based application for the financial, economical and statistical indicators for the central bank of Iraq.

The  project  aims  at supporting the Iraqi authorities in building a sound and efficient banking system through the implementation of the first phase of the banking sector reform program, as outlined in the Iraq Banking  Reform  Strategy Action  Plan,  as endorsed  by  the  Iraqi  authorities. Specifically, the proposed project will focus on four main components: (i) institutional and operational restructuring of the two main state-owned commercial banks (Rasheed Bank and Rafidain  Bank);  (ii) financial  restructuring  of  the  two  main  state-owned  commercial  banks; (iii) strengthening of the regulatory and supervisory function of CBI, and (iv) project management,  monitoring  and  evaluation.   The project aimed at fostering  more  efficient  financial  intermediation,  resource  mobilization  and  risk  management and  in  the  medium-term,  it  will  permit  an  increase  in  private  sector  participation  in  the provision of financial services.