IDB, KRG partner for salary domiciliation
Shafaq News / The International Development Bank (IDB) has announced a partnership with the Kurdistan Regional Government (KRG) to implement the “My Account” project, aimed at Domiciliating the salaries of the Region’s employees in government banks.
The bank’s management stated that this step coincides with the bank’s efforts to expand in the Kurdistan Region, as part of its strategic plan to enhance its operations and increase the number of its branches in the Region, which currently stands at three.
The management pointed out that this partnership comes within the framework of efforts aimed at “promoting the culture of electronic payment and achieving financial inclusion, in line with the directives of the Central Bank of Iraq (CBI).”
The management continues its efforts to spread electronic payment methods in the Region by activating more Automated Teller Machines (ATMs) and the bank’s Point of Sale (POS) terminals.
Aziz Ahmed, Deputy Director of the Prime Minister’s Office of the Regional Government, praised the bank’s efforts and its contribution to “developing the Region’s financial system by providing various facilities and financial services.”
Meanwhile, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, emphasized the importance of “signing this partnership with KRG to Domicilize employee salaries and provide all the facilities that contribute to achieving this goal with high flexibility.”
KRG’s Ministry of Finance and Economy affirmed that the "My Account" project for is "important and strategic." It clarified that the project offers more than 19 banking services to employees, with a monthly cost of 2500 IQD for all services.
The ministry stated that "My Account" is "a significant and strategic project for KRG, executed by Prime Minister Masrour Barzani’s Office in coordination with the Ministry of Finance and Economy, with the knowledge of the Federal Prime Minister and approval from CBI."
It further clarified that "the project's purpose is not to establish a bank but rather a comprehensive financial project aimed at providing a safe and convenient means of accessing various modern financial and banking services, including salary payments and various types of loans, thereby combating money laundering and corruption."
The statement emphasized that "the project will provide accurate and transparent data on expenditures and revenues, offering different types of loans to employees and beneficiaries in both the public and private sectors, ultimately contributing to economic development and revitalizing various sectors in the Kurdistan Region (KRI)."
