PM's Office: A memorandum of cooperation signed between JICA and TBI to raise the efficiency of Iraqi companies

Baghdad - INA

The Prime Minister's Office confirmed today, Monday, that the memorandum signed between the Iraqi Trade Bank, TBI, and Japanese International Cooperation Agency (JICA) aims to raise the efficiency of Iraqi companies.

The Prime Minister’s Media Office said in a statement received by the Iraqi News Agency (INA): “Under the patronage of Prime Minister Muhammad Shia’ al-Sudani, today a signing ceremony of a memorandum of cooperation took place between the Iraqi Trade Bank (TBI) and the Japanese International Cooperation Corporation Agency  (JICA), in the presence of the Vice President of the Council of Ministers. The Council of Ministers, the Minister of Planning, Muhammad Tamim, and the technical advisor to the Prime Minister, Chairman of the Diwani Order Committee for Sovereign Guarantees, Muhammad Sahib Al-Daraji.

He added, "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 pointed out, "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 continued, "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 statement continued, "The memorandum 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."