Under the patronage of the Prime Minister, Mr. Mohammed Shia’ Al-Sudani, Trade Bank of Iraq Bank (TBI) signs a memorandum of cooperation with the Japan International Cooperation Agency (JICA)
Under the patronage of the Prime Minister, Mr. Mohammed Shia’ Al-Sudani, Trade Bank of Iraq Bank (TBI) signs a memorandum of cooperation with the Japan International Cooperation Agency (JICA).
Signing a Memorandum of Cooperation Between Trade Bank of Iraq and Japan International Cooperation Agency
Under the sponsorship of Prime Minister Mohammed S. Al-Sudani, a memorandum of cooperation was signed today between the Trade Bank of Iraq (TBI) and the Japan International Cooperation Agency (JICA). The ceremony was attended by the Deputy Prime Minister/ Minister of Planning, Mr. Mohammed Tamim, and the Prime Minister`s Expert Advisor, Chairman of the Special Committee for Sovereign Guarantees, Mr. Mohammed Al-Darraji.
This memorandum of cooperation is part of the government`s initiative to provide sovereign guarantees to the private sector, aligned with the 2023 Federal Budget Law and the Cabinet Resolution No. (23404) of 2023. It involves JICA financing private sector projects in Iraq to establish factories aimed at nationalizing the pharmaceutical, construction, chemical, petrochemical, energy, and agricultural and food industries.
The memorandum of cooperation supports the government`s program to promote and localize strategic industries in line with Prime Minister Al-Sudani`s directives. An initial amount of $200 million will be provided to finance significant projects that serve the Iraqi citizens and the Iraqi economy, reducing external imports and foreign currency transfers.
The goal is to elevate Iraqi companies to international standards by opening up to global financing banks and ensuring quality control through agreements with major industrial nations.