Renewing the Iraqi-Japanese partnership with $11 billion in loans for vital projects and development policy, 22 DEC

  Renewing the Iraqi-Japanese partnership with $11 billion in loans for vital projects and development policy

12/21/2024

The United Nations Development Program and the Japan International Cooperation Agency (JICA) office in Iraq renewed their long-standing partnership to promote social and economic development in Iraq through funding from the Government of Japan and JICA.

This partnership, which has spanned more than fifteen years of cooperation with the Government of Iraq, reflects the strong commitment of the United Nations Development Programme and the Government of Japan/JICA to meet Iraq's need for basic services and an efficient, stable and reliable economic infrastructure, according to a JICA report seen by Shafaq News Agency.

He added that this partnership has contributed significantly to human and economic growth in Iraq, in line with Iraq's national development plans and programmes that focus on economic diversification, infrastructure modernisation and improving social services.

In support of reconstruction and development, Iraq has received 36 ODA loans from the Japanese government and the Japan International Cooperation Agency, totaling about US$11 billion. These loans include 34 loans for vital sector projects and two development policy loans.

This development assistance aims to support Iraq in achieving its sustainable development goals, with a focus on improving living conditions nationwide and restoring infrastructure to promote inclusive growth.

“JICA remains committed to addressing development challenges with the Government of Iraq through this impactful partnership with UNDP. This partnership provides comprehensive support to Iraqi officials to achieve international standards in project management, combining technical expertise, capacity development and development finance. All of this aims to improve livelihoods and promote sustainable development in the country,” said Hiroshi Suzuki, Chief Representative of JICA in Iraq. Under this renewed partnership agreement, and in line with the Iraq National Development Plan 2024-2028, UNDP continues to provide critical support to the Government of Iraq to facilitate the smooth implementation of key socio-economic projects financed by JICA ODA loans. This support includes coordination at senior level, fiduciary supervision, progress monitoring, technical assistance, knowledge sharing and capacity development. Furthermore, by enhancing transparency, accountability and adherence to international standards, the partnership ensures the successful implementation of these vital projects.

“This renewed partnership between UNDP and JICA highlights our shared commitment to supporting Iraq’s development goals, with a focus on infrastructure development, sustainable economic growth and human capital. Together, we aim to facilitate the successful implementation of vital projects that will not only rebuild Iraq’s infrastructure, but also enhance long-term socio-economic resilience and improve the lives of Iraqis across the country,” said UNDP Resident Representative in Iraq, Auke Lootsma.

This unique and renewed partnership underscores the benefits of effective trilateral cooperation in promoting prosperity, driving sustainable growth, and improving service delivery and infrastructure for a stable and prosperous Iraq. It also highlights the strong ownership by the Government of Iraq and serves as a model for impactful and sustainable partnerships that can contribute to long-term development in Iraq.  LINK

EXCERPTS FROM MARKZ, 22 DEC

 EXCERPTS FROM MARKZ

MZ: Redemption folks are working this weekend. They may just be closing out their wealth management for the year…

Member: What are your gut feelings about notifications going out?

MZ: I have so many people telling me they could go out late tomorrow…..I  feel it could go out anytime between now and the first.

MZ: “Central Bank of Iraq: Sales exceed over one billion dollars last week” Still getting dinar off the streets.

MZ: “Did non-oil revenue contribute to Iraq’s budget?”  Heck yeah it did 

Member: Nader and MilitiaMan are excited

MZ: They should be.

MAJEED: "The rate about to change and Kurdistan will receive HCL" @DINARREVALUATION #iraqidinar

 

The Currency of Iraq: A Comprehensive Guide , 22 DEC

 The Currency of Iraq: A Comprehensive Guide

Introduction

The Iraqi Dinar (IQD) is the official currency of Iraq, serving as a critical component of the nation's economic infrastructure. For businesses, investors, and speculators alike, understanding the dynamics of the Dinar is essential for navigating Iraq's market.

The exchange rate of the Iraqi Dinar plays a pivotal role in shaping the country's trade and investment environment, influencing everything from the cost of imports and exports to the profitability of foreign investments.

Meanwhile, the currency has also garnered significant interest from speculators, who are drawn to the potential-however remote-of significant shifts in its value.

The current official exchange rates for the dinar can be found at the Central Bank of Iraq (CBI) website - https://cbi.iq/.

The Importance of the Exchange Rate for Trade and Investment

The exchange rate of the Iraqi Dinar is a key determinant of the country's economic competitiveness on the global stage. A stable and predictable exchange rate is vital for businesses engaged in international trade, as it impacts the cost of importing goods and services and the profitability of exporting to foreign markets. For foreign investors, the exchange rate is a crucial factor in determining the potential returns on investments in Iraq.

Fluctuations in the Dinar's value can significantly affect the cost of doing business, as well as the repatriation of profits. As such, understanding the factors that influence the Dinar's exchange rate-such as oil prices, political stability, and central bank policies-is essential for making informed business and investment decisions in Iraq.

Interest from Speculators

In recent years, the Iraqi Dinar has attracted attention from a specific group of financial actors: currency speculators. These individuals and entities buy and hold large amounts of Dinar in the hope that its value will appreciate dramatically, allowing them to sell it at a significant profit.

This speculative interest is often fuelled by rumours and theories about an imminent revaluation of the Dinar, despite the lack of credible evidence supporting such a scenario. Speculators are drawn to the high-risk, high-reward nature of currency trading, but it is important to note that such activities are highly speculative and carry substantial risks.   LINK

TIDBIT FROM MILITIAMAN, 22 DEC

  Militia Man  

Article quote:  "After getting rid of heavy burden of its debt, Iraq has transformed from a country indebted to other to a country that can be a creditor to others."  

Iraq is not going to be be in debt to others but they'll be one that can credit to others.  Iraq's going to have a lot of money. 

 Non-oil...oil...tourism revenues...are all in play.

ARIEL: " THIS SHOULD BENEFIT THE IRAQI DINAR, WHICH IS PAIRED WITH XRP" @DINARREVALUATION #iraqidinar

 

Iraq participates in the fifth economic summit of the Arab-French Chamber of Commerce, 22 DEC

 Iraq participates in the fifth economic summit of the Arab-French Chamber of Commerce

Baghdad / NINA /- Iraq participated in the fifth economic summit of the Arab-French Chamber of Commerce, which was held in the French capital, Paris.

The Iraqi Ambassador to France, Dr. Wadih Batti, opened the discussion session on Iraq, and stressed the depth of bilateral relations between the two countries, especially after signing the strategic partnership agreement with France in January 2023.

He stressed the importance of enhancing economic cooperation to keep pace with common ambitions, calling on French companies to increase their presence in Iraq to explore available investment opportunities in various sectors. He also referred to Iraq's efforts to activate the role of the private sector as a primary driver of the economy through sovereign guarantee programs.

For his part, Dr. Haider Makiya, Chairman of the Investment Commission, reviewed Iraq's investment plans, pointing to the opportunities available in vital sectors including energy, infrastructure, agriculture, smart cities, and technology projects. He stressed that Iraq has rich natural resources and a strategic location that makes it a link between regional and international markets.

In turn, Dr. Raed Nizar, Economic Advisor to the Federation of Iraqi Chambers of Commerce, explained the legal framework for investment in Iraq, pointing to the efforts made to improve the investment environment to comply with international standards, and also stressed that these efforts aim to enhance investor confidence and encourage them to invest in the country. The summit included discussion sessions on various topics, including sustainable development, digital transformation, and support for small and medium enterprises, in the presence of economic officials, investors, and businessmen from various countries./End