By John Lee.
During Prime Minister Mohammed S. Al-Sudani's official visit to London, Iraq's Sovereign Guarantees Initiative Committee signed a Memorandum of Understanding (MoU) with UK Export Finance (UKEF) to enhance economic collaboration.
The MoU, signed by Mohammed Sahib Al-Darraji, Head of the Initiative Committee and Advisor to the Prime Minister, and Adam Harris, Director of Business Group at UKEF, will facilitate the import of advanced industrial and agricultural technologies for Iraq's private sector from the UK.
Effective for five years, the agreement aligns with Iraq's broader strategy of fostering private sector efficiency and integration with global markets. It also includes commitments from UKEF to finance key Iraqi government projects and explore raising funding limits for productive initiatives.
The signing was overseen by Deputy Prime Minister and Minister of Planning Mohammed Tamim, following discussions aimed at strengthening bilateral relations and cooperation mechanisms between Iraq and the UK.
Full statement from the Iraqi Prime Minister's Office:
Memorandum of Understanding Signed in London Between the Sovereign Guarantees Initiative Committee and UK Export Finance
A memorandum of understanding (MoU) was signed today, Tuesday, in London between the Sovereign Guarantees Initiative Committee and UK Export Finance (UKEF) during Prime Minister Mohammed S. Al-Sudani's official visit to the United Kingdom.
The signing ceremony, overseen by Deputy Prime Minister and Minister of Planning Mohammed Tamim, saw the MoU signed on behalf of Iraq by the Head of the Initiative Committee and Advisor to the Prime Minister, Mohammed Sahib Al-Darraji, while Adam Harris, Director of Business Group, signed on behalf of the British institution.
The MoU includes provisions to support the import of production lines and industrial and agricultural technologies for Iraq's private sector from the United Kingdom.
The memorandum will remain in effect for five years and is part of a series of agreements and MoUs signed by the Iraqi government with several European countries, aimed at enhancing the efficiency of Iraq's private sector and fostering integration with the international community.
Additionally, both sides agreed that UKEF will finance several key projects for the Iraqi government and prepare to increase the funding limit for productive government projects.
Before the signing, a joint meeting was held between the Iraqi delegation and the British institution to discuss mechanisms for joint cooperation, aimed at strengthening bilateral relations between Iraq and the United Kingdom.
(Source: PMO)
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