ICBG News Update

ICBG Board Meeting

Sulaimanieh/Kurdistan,June 10, 2007 BG The Iraqi Company for Bank Guarantees held its monthly board meeting and held an information session in Sulaimanieh Palace Hotel. The information Session was held on June 10 and was attended by more than 125 invitees representing the Ministry of Finance in Kurdistan, Sulaimanieh Chamber of Commerce, Municipality, trade and industry associations, banks managers and directors,

The session was followed by dinner at the honor of the invitees

ICBG Board Meeting

Sulaimanieh, June 11, 2007

ICBG Board held its monthly meeting at the Sulaimanieh branch of Alwarka Bank. The meeting discussed several issues listed at the agenda including loan guarantee applications and made the appropriate decisions and recommendation

ICBG TO PREARETION the G.A meeting

The second General Assembly / Shareholders Meeting of the ICBG is scheduled to take place in Erbil on February 7th 2007.

ICBG TRAINING PROGRAM WITH JLGC

A Training program is arranged for the staff of the ICBG and a group 14 Iraqi participating bank officers by the Jordanian Loan Guarantee Corporation (JLGC) at their offices in Amman from January 21th-25th 2007.

DEC.BOARD MEETING

The Board of Directors met in Amman on December 22nd 2006 during which they approved various policies and procedures to ensure the efficient operations of the company and an initial number of 4 SME borrower guarantee applications.

ICBG TO COMMENCE ITS OPERATION

The ICBG commenced business operations on November 1st, 2007 and has initiated an aggressive marketing and awareness campaign through presentations to MSME community at the following events on the features and use of the guarantee program:

1. The Economic Council members of the Baghdad District Advisory Council;
2. Contractors at the Joint Command Contractors Iraqi Business Forum, November 3rd 2006;
3. The Iraqi Union of Manufacturing Industries, November 9th 2006;
4. The Iraqi American Chamber of Commerce and Industry (IACCI) reconstruction of Iraq, Trade Exhibition in Suleimanya, November 11th-16th 2006;
5. The Iraqi Micro Finance Summit, Erbil, November 13th-16th 2006;
6. The Iraq-UAE Business Exchange in Dubai, January 10th 2007.

Appointment of Mr. Nabil Isaa Asa’ad as the interim acting Director General.