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.