Published: February 6, 2026
Catarina Bjorlin Hansen will lead the bank’s activities as it starts investing in Iraq. A US$100mn trade finance facility extended to the National Bank of Iraq last December kicks off the bank’s Iraq lending.
In September 2025, the European Bank of Reconstruction and Development (EBRD) announced that Catarina Bjorlin Hansen had been appointed as its first Head of Iraq. An EBRD veteran, Hansen has been at the bank since 2006, most recently serving as Head of Moldova. In her new role, she will lead the bank’s activities in Iraq, which the EBRD believes is ripe for economic development.
“I find Iraq very interesting,” Hansen tells EMEA Finance. “Everything EBRD does can be used in this country, because the need is so big. So, I really look forward to deploying all the tools that I’ve used in different settings in the past.”
The need for reform
Iraq became the EBRD’s 74th shareholder in November 2023, when it completed its membership process. It has subsequently been joined by several sub-Saharan African countries, bringing the total number of members to 79. However, for any new member, getting work underway takes time. The EBRD has yet to formalise its strategy in the country, and Hansen’s role to date has involved a lot of very practical tasks: finding an office, hiring staff, finding projects, starting to develop relationships on the ground.
“It’s been exceptionally busy, but we’re very happy with what we see,” explains Hansen. “We're trying to map out the different sectors and what their needs are. There are lots of good project ideas in the market, which we hope to be able to take forward. There is also a lot of need in terms of reforms.”
To cite just a few examples, the Iraqi banking sector is currently undergoing a sweeping modernisation programme. The infrastructure sector is in the spotlight too, with a pressing need for upgraded infrastructure as the population grows. And given food security challenges, Iraq sorely needs to boost its agribusiness sector and increase food production domestically.
Over time, Hansen believes the EBRD could make a real difference across all these areas and more. “There is also a lot that needs to be done on the energy side,” she adds. “Iraq needs to improve its energy security outside the oil and gas sector, so there is a lot of interest from developers around solar energy. Although it’s early days, we think this could become a prominent sector here.”
Hitting the ground running
In terms of potential partnerships, the EBRD will be seeking to work with international and Iraqi developers, international and Iraqi investors, and companies of all sizes. It will be looking to provide advice and support for small businesses. And it particularly wants to work with corporates to enhance domestic production capacity, which is currently quite low.
Already, the bank has launched its first investment in the country, which is a US$100mn trade finance facility extended to the National Bank of Iraq, the country’s largest private bank. Finalised in December, the funding will be used to meet a variety of trade finance needs. For instance, it will improve access to finance for small businesses, boost the country’s import and export activities, promote greater trade integration in Iraq and support intra-regional trade.
“The investment is hopefully the first of many like it,” says Hansen. “Because Iraq is so utterly dependent on imports for everything it consumes, a trade finance line was an obvious place to start our engagement in the country. It basically supports trade between Iraqi and foreign companies, which is a very useful tool for this market.”
Further down the line, she hopes the EBRD will be able to extend credit lines to many suitable projects in Iraq – not least green credit lines, and those for women in business. “But we had to start somewhere, and this was a very logical point of entry because of the present state of the economy,” she says.
As we move through 2026, Hansen’s team will be starting to work on their official strategy, as well as continuing to scout for projects.
“Our key priority is really to explore all the sectors where we work and to find out where there are good projects,” she says. “In many cases, we will work jointly with others to develop and finance the projects together. Then we are hoping that there will be smaller corporate projects that we can support in any shape or form. We always like to engage with good companies with great ideas.”
Although it’s early days for the EBRD in Iraq, Hansen has thoroughly enjoyed her first few months in the role. She has hired local staff, an exercise she describes as ‘very rewarding’, and has worked closely with other international institutions that already have a presence in Iraq.
“We came in knowing very little, but we’ve really benefited from the knowledge of other financial institutions and embassies,” she explains. “They’ve helped us hit the ground running, maybe not running very fast, but running – and they’ve been incredibly helpful and welcoming. I am really grateful for all the support.”