Press Release

Iraq Securities Commission signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to establish a framework for Environmental, Social, and Governance (ESG) practices. The aim of this agreement is to integrate international best practices to enhance the performance and effectiveness of the Iraqi Stock Exchange and related securities activities.

The goal is to improve the investment environment in Iraq by aligning environmental, social, and governance regulations with international standards. This will also enhance the ability to implement and oversee these standards, contributing to the attractiveness of the Iraqi Stock Exchange as an investment hub. To achieve this goal, the Iraqi Securities Commission will work closely with Iraqi Stock Exchange under its supervision to develop a mandatory ESG framework for listed companies.

In this context, His Excellency Faisal Al-Haimus, Chairman of Iraqi Securities Commission, stated, "The development of the ESG framework in partnership with the IFC improves the investment environment in Iraq by adopting international standards that will enhance the current investment climate in the Iraqi Stock Exchange. By following the ESG framework, listed companies will become more transparent, perform better, and become more attractive to foreign investments. ESG will be one of the pillars of the National Investment Awareness Strategy, which is being developed by the commission and will be announced in October this year.

Aftab Ahmad, the Regional Director of IFC for the Middle East, Pakistan, and Afghanistan, commented, "We are excited to partner with the Iraqi Securities Commission on this important initiative, which aims to help companies and banks mitigate risks related to environmental, social, and governance practices, improve long-term performance sustainably, attract investments, and contribute to the sustainable growth of Iraq's securities market.

As part of the preparation of the ESG framework, workshops and meetings will be held with key stakeholders, including listed companies and brokerage firms. The Iraqi Securities Commission, as the regulatory and supervisory body for securities and related financial services, is working to increase the sector's contribution to the GDP and provide an investment environment that protects the rights of investors and other stakeholders.

Media Office