Iraq’s TBI, Germany’s ECA sign agreement to finance development projects
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, stands during a ceremony held to sign a cooperation agreement between the Trade Bank of Iraq (TBI) and Germany’s Export Credit Agency (ECA). Photo: PMO
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, sponsored on Wednesday a cooperation agreement between the Trade Bank of Iraq (TBI) and Germany’s Export Credit Agency (ECA) to finance private sector development projects in Iraq.
The TBI also signed a 110 million euro agreement with Germany’s Commerzbank and Aka Bank to finance the construction of a plate glass factory in Najaf governorate.
During a ceremony held to sign the agreements, Al-Sudani stated that the Iraqi government has taken measures to support the industrial sector, including the provision of lands for the construction of projects as well as the necessary fuel for operation, according to a statement released by the Prime Minister’s Office (PMO).
The Iraqi Prime Minister emphasized that steps had been taken by the government to enhance the business climate, increase electronic payment and collection, enhance tax accounting practices, and automate customs operations.
Al-Sudani indicated that the government is also working on overcoming difficulties and challenges facing Iraq’s industrial sector, since it is a vital engine of the economy and contributes to the reduction of unemployment by creating jobs.