The Iraqi government has received financial and technical proposals to begin establishing a new bank called "First Rafidain," Shafaq News reported on March 23.

The application was announced during a meeting chaired by Prime Minister Mohammed Shia al-Sudani to follow up on reform procedures for the Rafidain and Rasheed banks, with representatives from Ernst & Young in attendance, according to a statement issued by the prime minister's media office.

The statement mentioned that the meeting reviewed the banking reform stages adopted by the government to restructure and develop the Rafidain and Rasheed banks, and discussed revising their internal systems in accordance with international standards and banking reform objectives.

The meeting also addressed the debt files of both banks and repayment mechanisms, as well as measures taken to train their staff.

In this regard, the prime minister directed the continuation of the reform process for both banks and instructed their managements to develop strategies that contribute to accelerating the reform process.

The meeting also followed up on procedures for establishing a new bank called First Rafidain Bank.

The Cabinet had approved the establishment of this bank during a session held on January 13, with a different vision adopting modern technologies and international standards that help implement government targets in financial and banking reform, which would reflect on the economic path and development movement in the country.

The statement indicated that Ernst & Young presented a report reviewing the financial and technical proposals for the First Rafidain Bank establishment project.