By John Lee.
Under the auspices of Prime Minister Mohammed Shia' al-Sudani, a memorandum of cooperation was signed today between the Trade Bank of Iraq (TBI) and the Japan International Cooperation Agency (JICA), attended by Deputy Prime Minister and Minister of Planning Mohammed Tamim, and the Prime Minister's Technical Advisor Mohammed Sahib al-Daraji.
The agreement is part of the government's initiative to provide sovereign guarantees to the private sector, in accordance with the work of the committee on sovereign guarantees under the 2023 general budget law and the Council of Ministers' decision No. 23404 of 2023.
Under the memorandum, JICA will finance projects in Iraq's private sector to establish domestic factories, aiming to promote national industries in pharmaceuticals, construction, chemicals, petrochemicals, energy, and agriculture. This supports the government's program to strengthen strategic industries in Iraq.
An initial fund of $200 million will finance key projects that benefit Iraqi citizens and the economy, reducing foreign imports and currency transfers abroad. The agreement seeks to elevate Iraqi companies to international standards by engaging with global financial institutions and establishing partnerships with major industrial nations for quality control.
(Source: PMO)
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