Million+ Households to Benefit from new Financial Programs

The World Bank Group approved the Emergency Social Stabilization and Resilience Project (ESSRP), a US$200 million project that aims to improve the livelihoods of over one million Iraqi in liberated areas through the provision of cash, short-term employment, and other means of social support, namely to the most vulnerable.

As the Government of Iraq (GoI) is moving quickly back into ISIS liberated areas, the ESSRP will support the Government of Iraq in providing social support to the existing populations and returnees within the overall Iraq Social Protection Strategic Roadmap.

It will increase short-term employment and livelihood opportunities, and thus provide 150,000 households with cash for work support, benefiting about 840,000 individuals, and generating about 15,000,000 work days. The project will also increase access to psychosocial services for more than 150,000 people who will receive mental health and gender based violence assistance services to mitigate the psychological impact of the conflict on the population and would strengthen the systems to expand the provision of social safety nets.

At the same time, ESSRP will support the medium-term development of resilient social safety nets and provision of livelihood support, through financing small and micro enterprises benefiting about 12,000 households

This project is vital for ensuring that rebuilding Iraq is not only about rebuilding brick-and-mortar infrastructure, but also about improving the lives of Iraqis and bringing social stability,” said Saroj Kumar Jha, World Bank Mashreq Regional Director. “This project will support individuals and households to address the impact of the recent conflict and help communities to kick-start economic activity and create more jobs.

The project will leverage existing social workers and payment methods and would also introduce robust social accountability, citizen engagement, and grievance redress mechanisms to build social cohesion, trust, and strengthen the relationship between the central and local governments.

These mechanisms will also consider gender aspects and support for vulnerable and marginalized groups, helping to address some of the root causes of violence. The project is part of a full World Bank package of support to the reconstruction and development process in the liberated areas which focus on both the infrastructure and social dimensions.

The project will support poverty reduction and stabilization in the liberated areas,” said H.E. Mr. Mohammed Shayaa Al-Sudani, Minister of Labor and Social Affairs, “At the same time, income generating microfinance programs will allow households to restart business activities, and to create jobs in these areas.

The project will also strengthen the resilience of social safety net programs to allow the GOI to assist poor/vulnerable groups and build resilience to shocks effectively and efficiently.

One key component of this project is to ensure people can address existing and future shocks. This project will improve social safety net programs for 1.2 million households across Iraq. It will allow households to invest in health and education, to break the intergenerational transfer of poverty” said Ghassan Alkhoja, World Bank Senior Social Protection Specialist and Project Team Leader.

(Source: UN)

IBBC holds Successful Autumn Conference in Dubai

Iraq Britain Business Council holds successful Autumn Conference in Dubai

Following on from the first Iraq Britain Business Council conference in Dubai in 2016, the IBBC was delighted to host its Autumn Conference in the UAE once again. The event was strongly supported by the UAE authorities.

Alongside Baroness Nicholson, the UK Prime Minister’s Trade Envoy to Iraq and President of the IBBC, the conference was opened by H.E. Abdullah Al Saleh, Under Secretary for Foreign Trade and Industry, UAE Ministry of Economy.

The Minister reminded delegates that non-Oil & Gas related trade between the UAE and Iraq had already passed 11 Billion USD in 2016, with Dubai in particular being a hub for local and international companies in the region.

The Minister firmly believes that the UAE’s role in the rebuilding of Iraq will continue to expand and expressed his wish to cooperate with organisations such as the IBBC to accomplish this crucial task.

Vikas Handa, IBBC UAE Representative and the Managing Director of the Emirati Company DrillTech, warmly thanked the minister and stated that the IBBC stands ready to work even more closely with the UAE in Iraq.

The Government of Iraq sent a high calibre ministerial delegation led by H.E. Mr Qasim Al-Fahdawi, The Minister of Electricity, to the conference. The delegation included H.E. Mrs Ann Naufi Aussi Balbool, Minister of Construction Housing and Public Municipalities; H.E. Kadhim Fijan Al Hamami, Minister of Transport; H.E. Dr Sami Al Araji, Chairman of the National Investment Commission (NIC); and H.E. Mr Fayadh Hassan Nima, Deputy Minister of Oil for refining affairs.

The conference was structured around several sessions in which the Iraqi officials and international companies operating successfully in Iraq, most of which are members of the IBBC, exchanged their views and experiences.

These sessions focused on strengths, weaknesses and opportunities of the economy in Iraq, Reconstruction & Infrastructure, Transport, Power and Oil & Gas. In parallel, a series of high level round-table discussions between investors and Iraqi Government representatives took place.

The conference included for the first time a presentation on the rapidly developing Tech sector in Iraq , given by the CEO of Zain.

IBBC thanks the International Finance Corporation (World Bank) and the IMF for its participation. Thanks also go to the IBBC members who sponsored the conference: Gold Sponsor International Islamic Bank; Silver Sponsors Serco and Gulftainer; Lunch Sponsor Rolls-Royce; pre-reception Sponsor Wood; and Coffee Break Sponsors Eversheds Sutherland and KCA Deutag.

IBBC Managing Director, Christophe Michels, stated that the increasing involvement of the UAE and wider GCC with Iraq was a game changer for the country. The IBBC very much welcomes this development and is delighted to be part of it and support it. The organisation will increase its presence in the UAE and the Autumn Conference in Dubai will become a regular feature in its calendar of events.

(Source: IBBC)

Opportunity for UAE Business: Key Iraqi Ministers come to Conference

Rebuilding Iraq is central to the agenda of the Iraq Britain Business Council (IBBC) autumn conference at The Address, Dubai Marina on 12th November.

The opportunity for businesses in the region to engage in Iraq is reflected by the attendance of a number of high profile Iraqi Ministers: from Electricity, Transport, Oil, Construction and Housing, to the Governor of Basrah and International financiers, including the IMF and World Bank.

Vikas Handa, the IBBC UAE representative agrees:

“Iraq is the second largest oil producer in OPEC and has one of the biggest programmes for new power generation projects in the region; Iraq presents massive opportunities for housing, Infrastructure and FMCG businesses. The event is designed to discover the opportunities and projects live and intended in Iraq, for business people to meet the decision makers, to obtain insights and to network”.

UAE is increasingly seen as the regional hub for corporate operations in Iraq and the place where business decisions are determined.

We can confirm this as a range of leading international companies are attending, including GE, Siemens, BP, Wood, Serco, Shell, Petronas, Gulftainer, Zain, KCA Deutag, the International Islamic Bank and more. There will also be plenty of networking and engagement on the sidelines beyond the main stage.

The IBBC Dubai conference is also the location for the Governor of Basrah to outline his vision for the future, and it is expected ministers will outline the latest thinking on the evolving situation in Iraq and the opportunities this brings.

To register, please follow the link: http://www.webuildiraq.org/ibbc-conference/autumn-conference/

(Source: IBBC)