Sponsored by Al-Sudani.. The Bank of Commerce signs a memorandum of cooperation with the Japanese Foundation for International Cooperation, 7 MAY

Sponsored by Al-Sudani.. The Bank of Commerce signs a memorandum of cooperation with the Japanese Foundation for International Cooperation

 Under the patronage of Prime Minister Muhammad Shiaa al-Sudani, today, Monday, a signing ceremony of a memorandum of cooperation took place between the Trade Bank of Iraq (TBI) and the Japan International Cooperation Corporation (JICA), in the presence of the Deputy Prime Minister, Minister of Planning Muhammad Tamim, and the technical advisor to the Prime Minister. Muhammad Sahib Al Darraji, Chairman of the Diwani Order Committee for Sovereign Guarantees.

The Prime Minister’s media office stated, in a statement, a copy of which {Al-Furat News} received, that: “The memorandum of cooperation comes within the framework of the government’s initiative to grant sovereign guarantees to the private sector, and also within the work of the special committee for sovereign guarantees covered by the General Budget Law for the year 2023, and Cabinet Resolution No. (23404) for the year 2023.”

He added, “The memorandum includes the Japanese Foundation financing projects for the Iraqi private sector, to establish factories inside Iraq, with the aim of localizing the national industry in the field of pharmaceutical, construction, chemical, petrochemical, energy, agricultural and food industries; in implementation of what was included in the government program, in supporting and localizing strategic industries.” And based on the directives of the Prime Minister in this regard.”

The statement added, “In light of the memorandum, an initial amount of $200 million will be provided to finance important projects that provide a service to the Iraqi citizen and economy, and which will contribute to reducing foreign imports, as well as reducing hard currency transfers abroad.”

The memorandum also aims to raise the efficiency of Iraqi companies to the global level, through openness to international banks for financing, and controlling quality by concluding agreements with major industrial countries.”

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