Iraq, EU cooperate to boost economy
Part of the Iraqi capital, Baghdad. Photo: Shutterstock
Baghdad (IraqiNews.com) – The European Union (EU) and Iraq’s Parliamentary Investment and Development Committee announced on Tuesday that they would be working together on several projects to support the country’s economic growth.
Major components of the agreement between the two sides include combating corruption, allowing the sharing of experience in economic and trade affairs, and encouraging European funds and investments, particularly in the industrial and infrastructure sectors, according to the Iraqi News Agency (INA).
Activities by EU institutions such as the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) are anticipated to start in Iraq, offering financial support for a range of projects.
In order to facilitate project finance, the Parliamentary Committee also asked the EU to open banking branches and a permanent office in Iraq.
The head of Iraq’s Parliamentary Investment and Development Committee, Hassan Al-Khafaji, outlined the infrastructure projects that the EU is working on in Baghdad and other Iraqi governorates.
The EU Ambassador to Iraq, Thomas Seiler, explained that both sides must cooperate to create the circumstances that allow Europe to invest more in Iraq, stressing that the EBRD would soon inaugurate an office in the country.