TBI signs cooperation agreement with JICA

Baghdad (IraqiNews.com) – The Trade Bank of Iraq (TBI) and the Japan International Cooperation Agency (JICA) signed a cooperation agreement on Monday under the auspices of the Iraqi Prime Minister, Mohammed Shia Al-Sudani.

A ceremony attended by the Iraqi Minister of Planning, Mohammed Tamim, and other Iraqi officials was held to sign the agreement, according to a statement issued by the Prime Minister’s Office (PMO).

The agreement is a part of a special committee’s work on sovereign guarantees covered by the general budget law of 2023, as well as the government’s proposal to offer sovereign guarantees to the private sector.

According to the agreement, JICA would finance projects for the Iraqi private sector to localize industries in pharmaceuticals, construction, chemicals, petrochemicals, energy, agriculture, and food areas.

The statement mentioned that the step is based on the Iraqi Prime Minister’s directions and is a part of the government’s plan to promote and localize important industries.

JICA would initially provide $200 million to help small and medium-sized businesses, create jobs for young people, and fund significant initiatives that benefit the people and economy of Iraq and would lessen the country’s reliance on imports.

The agreement aims to enhance the effectiveness of Iraqi enterprises to a worldwide standard by permitting access to foreign banks for funding and regulating quality through agreements with major industrial countries.