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Iraq’s Central Bank Launches Sustainable Finance Roadmap

Introduction

December 14, 2023 - The Central Bank of Iraq has launched a comprehensive roadmap to promote sustainable finance in the country. This initiative aims to encourage banks and financial institutions to adopt environmentally friendly and socially responsible practices.

Key Initiatives

The Sustainable Finance Roadmap outlines several key initiatives:

Enhancing Asset Quality

  • Attracting sustainable funding through development of green saving products, refinancing mechanisms, and special facilities for sustainable lending
  • Enhancing asset quality of banks

Gender Inclusion

  • Reducing gender gaps through green banking products that promote financial inclusion and support underfinanced economic activities
  • Introducing gender-specific bank products to address this issue

Transparency and Market Discipline

  • Enhancing mandatory ESG disclosure requirements for banks
  • Developing guidance on sustainability reporting
  • Mandating publication of specific reports on sustainability policies and practices

Capacity Building and Progress Measurement

  • Creating a dedicated website providing information and materials for sustainable finance capacity building
  • Developing progress measurement tools to assess the sustainable performance of banks and financial institutions

Annex A: Journey of Sustainable Finance Development in Iraq

The article highlights significant milestones achieved by the Central Bank of Iraq in its journey towards promoting sustainable finance development in the country, including:

  • Enactment of corporate governance guides
  • Launch of the Iraqi Sustainability Principles
  • Formation of national committees for sustainable development

Conclusion

The launch of the Sustainable Finance Roadmap marks a crucial step forward in Iraq’s efforts to promote environmentally friendly and socially responsible financial practices. As the roadmap is implemented, it is expected to have a positive impact on the country’s economy and environment, ultimately contributing to the achievement of the United Nations’ Sustainable Development Goals.

Sources

  • Central Bank of Iraq
  • Ministry of Planning
  • Iraqi Sustainability Principles