The signing of a MOU between the Iraqi Guarantees Initiative Committee and the British Export Guarantee Corporation

Baghdad - INA

The Prime Minister's Media Office announced today, Tuesday, the signing of a Memorandum of Understanding between the Sovereign Guarantees Initiative Committee and the British Export Guarantee Corporation, on the sidelines of the Prime Minister's official visit to the United Kingdom.

The office said in a statement - received by the Iraqi News Agency (INA): "Today, Tuesday, in the British capital, London, a Memorandum of Understanding was signed between the Sovereign Guarantees Initiative Committee and the British Export Guarantee Corporation, on the sidelines of the Prime Minister's official visit to the United Kingdom."

He added, "The ceremony was held under the patronage of the Deputy Prime Minister, Minister of Planning, Mr Mohammed Tamim, where the Chairman of the Initiative Committee, Advisor to the Prime Minister, Mr Mohammed Sahib Al-Daraji, signed on the Iraqi side, while the Director of the Business Group for the British Corporation, Mr Adam Harris, signed it."

He continued, "The terms of the memorandum include supporting the imports of production lines and industrial and agricultural technology for the Iraqi private sector from the United Kingdom," explaining that "the memorandum is valid for five years, and comes within the framework of the agreements and memoranda of understanding signed by the Iraqi government with a number of European countries, and aims to raise the efficiency of the Iraqi private sector and achieve integration with the international community."

The statement indicated that "the two sides agreed that the British Export Credit Guarantee Corporation would finance a number of vital projects for the Iraqi government, and prepare to increase the financing ceiling for productive government projects."

He explained that "the signing of the memorandum of understanding was preceded by a joint meeting of the Iraqi delegation with the British Corporation, during which the mechanisms of cooperation between the two sides were discussed, in a way that enhances bilateral relations between the two countries."