Iraq’s Parliamentary Investment and Development Committee and the European Union (EU) announced an agreement on Tuesday to collaborate on several initiatives aimed at boosting economic development in Iraq.

Key aspects of the agreement include attracting European funding and investments, especially in manufacturing and infrastructure sectors, facilitating exchange of expertise in economic and trade matters and combat corruption, according to a report by Iraqi News Agency.

The report said EU institutions, including the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), are expected to begin operations in Iraq, providing financial resources for various projects.

The Parliamentary Committee also requested the EU to establish a permanent office within Iraq and set up banking branches to streamline project funding.

Committee Chairman Hassan Al-Khafaji highlighted existing joint infrastructure projects with EU in Baghdad, Babil, and Karbala.

He said: “We have requested funding for numerous projects, especially with Iraq joining the arbitration convention and the approval of the Public-Private Partnership (PPP) Law, allowing foreign companies to enter and work in Iraq, participating with the private sector in reconstruction and building the new Iraq."

The EU Ambassador to Iraq Thomas Sailer said both parties need to work together to provide the conditions that enable Europe to invest more in Iraq, while confirming that EBRD is set to open an office in Iraq soon.

(Writing by Majda Muhsen; Editing by Anoop Menon)


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