Iraq signs $290 million loan agreement with Austrian bank, 19 SEPT

Alsumaria News – Economy

The Minister of Finance, Taif Sami, signed with the Austrian Ambassador to Baghdad a loan financing agreement from the Austrian Erste Group Bank to support the center pivot irrigation systems project for the Ministry of Agriculture, with a value of (262,155,298) euros, and implemented by the Austrian Power Company .

And she said

Ministry of FinanceIn a statement received by Sumaria News, “The agreement is consistent with the strategy

NationalFor Iraq to strengthen infrastructure and public services, and aims to revive the agricultural sector, alleviate water scarcity, stimulate economic growth, and create jobs, the loan is part of a broader approach for Iraq to obtain external financing for investment projects with economic benefits, as outlined in the 2023-2025 budget and the decision

councilMinisters No. 24630 of 2024.The Minister stressed the “importance of this agreement in enhancing economic cooperation between

IraqAustria, looking forward to more joint projects in the future, will provide

a company(Power) provides technical and advisory support to the Iraqi Ministry of Agriculture throughout the project life cycle, including design, implementation, operation, and maintenance.She pointed out that “the project represents a vital step towards modernizing the agricultural sector in Iraq, especially in light of the challenges of water scarcity and climate change, and is expected to achieve long-term economic benefits by increasing agricultural production and reducing dependence on imports.”

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