Signing a cooperation agreement between an Iraqi bank and a German institution to finance private sector projects
Signing a cooperation agreement between an Iraqi bank and a German institution to finance private sector projects
2024-06-05 01:28
Shafaq News/ Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani opened the work of the second specialized workshop to support the private industrial construction sector, during which a cooperation agreement was signed between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects, within the sovereign guarantees initiative. Governmental.
A letter of authorization was also signed to finance the project to establish a plate glass factory in the Najaf Governorate in the amount of 110 million euros, between the Iraqi Trade Bank and the German banks (Commars Bank) and (Aka Bank).
Mr. Al-Sudani viewed an exhibition that included the private industrial sector’s products of construction materials, praising the efforts made to provide them.
The Prime Minister said in his speech during the opening of the workshop that sovereign guarantees provided financial support from German, Italian and Japanese financial institutions, amounting to 200 million dollars, adding that there are understandings with the French side in the amount of 1 billion euros, for the construction of industrial projects within the sector. private.
He added that the steps of networking and implementing the ASYCUDA system are an important step in automating customs and facilitating the entry of goods, stressing that tax accounting procedures have witnessed a jump due to the facilities provided.
Al-Sudani went on to say, “We are on the verge of a qualitative shift in the procedures for registering companies within the electronic procedures,” noting that “a vision will be reflected in the form of procedures on the financing side and facilitating borrowing from banks.”
The Prime Minister revealed that the government is conducting a study to reform the Industrial Bank to be an effective tool in implementing plans and programs that drive industrial development.
He considered that these agreements are an important indicator of external contributions to the Iraqi economy, specifically in the industrial sector.
Al-Sudani continued by saying, “We are continuing in the housing and construction sector in general, and this requires extensive construction materials.”
He concluded his speech by saying that the available factories for various construction materials cover only a quarter of the need according to the projects that will be undertaken, especially residential city projects.
shafaq.com
