Baghdad -INA
The Association of Iraqi Private Banks announced the signing of a strategic memorandum of understanding with the Association of Energy Engineers (AEE) on the sidelines of the Iraqi Prime Minister's visit to the United States,the memorandum aims to support the transition to a green economy, develop the energy sector, and enhance the banking sector's role in financing sustainable energy projects in Iraq.
In a statement, the Association said that the signing ceremony took place in Washington, D.C., with Wadih Al-Hanzal, Chairman of the Association of Iraqi Private Banks, signing on behalf of Iraq, and William Kent, Executive Director of the AEE, signing on behalf of the United States.
It added that "the agreement aims to support the financing of renewable energy projects, particularly solar energy projects, and to enhance cooperation with international financial institutions to provide the necessary facilities for developing energy infrastructure and addressing the challenges of the national electricity grid."
It added that "the agreement aims to support the financing of renewable energy projects, particularly solar energy projects, and to enhance cooperation with international financial institutions to provide the necessary facilities for developing energy infrastructure and addressing the challenges of the national electricity grid."
It explained that "the memorandum of understanding includes launching programs to build institutional and technical capacities, transferring knowledge and modern technology to Iraqi personnel through internationally accredited professional programs and certifications, as well as providing technical consultations to ministries, municipalities, and financial institutions."
The association affirmed that "the partnership will contribute to enhancing investments in carbon emission reduction projects and implementing environmental, social, and governance (ESG) standards, thus supporting the government's efforts to achieve sustainable economic development and strengthen energy security in Iraq."