Iraq has signed a $1 billion agreement with Italy to fund multiple projects across the country, announced Mohammad Saheb Al-Darraji, the advisor to the Iraqi Prime Minister.
The joint agreement aims to boost the Arab country’s infrastructure and economic sectors.
Speaking exclusively to Al-Iraqiya News on Saturday, Al-Darraji detailed his recent visit to Italy where he finalized the deal, encompassing sectors such as iron, pharmaceuticals, agriculture, and glass manufacturing.
“The agreement was inked during a productive visit to Italy, focusing on financing various industrial and agricultural initiatives crucial for Iraq’s development,” Al-Darraji stated.
He further highlighted the collaboration between private sector firms from both countries, which includes the signing of Memoranda of Understanding.
These agreements will facilitate the supply of production lines to Iraq and involve Italian banks that are set to finance 85% of the factories to be established in the region.
This financial partnership marks a pivotal moment for Iraq as it seeks to enhance its domestic production capabilities and reduce reliance on imports in key economic sectors.
Minister of Water Resources, Awun Dhiyab Abdullah, recently called on Arab countries to support Iraq in achieving fairness in distributing water shares of shared rivers with neighboring countries from which these rivers originate.
The Iraqi complaint during the conference about its scarce water resources was reported by the Arab World News Agency, affirming that Iraq has fallen into the water poverty line, calling on neighbouring countries for “justice” in distributing shares of shared rivers.
This comes following a UN report placing Iraq among 17 out of 22 Arab countries on the water poverty line, with 12 countries below the line and 16 others at risk of drought by 2040.
