INA–Baghdad
Prime Minister’s Advisor Saleh Mahmoud Salman announced on Thursday the completion of Iraq’s first international financing transaction for a private sector project backed by an Iraqi sovereign guarantee. The financing was arranged in cooperation with the German institution AKA Ausfuhrkredit-Gesellschaft mbH and in partnership with Commerzbank.
In a statement received by the Iraqi News Agency (INA), Salman explained that “this transaction marks the beginning of a new phase in utilizing sovereign guarantees to attract international financing, technology, and investment. It will contribute to enabling the private sector to implement developmental and productive projects with a direct economic impact. It also reflects the success of building partnerships with leading international banking institutions, most notably Commerzbank, one of Europe’s leading banks.”
He added, “This achievement is the first in a series of development financing projects expected to be implemented in the coming period, supporting the diversification of the national economy, strengthening local industry, creating job opportunities, and deepening partnerships with international financial institutions.”
He confirmed that the success of the transaction was the result of close coordination and cooperation between Iraqi government entities, including the Ministry of Finance and the Trade Bank of Iraq (TBI), and international partners.
Salman also expressed his appreciation to all Iraqi and international parties that contributed to achieving this milestone, describing it as “a practical step toward expanding financing and investment opportunities in Iraq and strengthening the role of international banks and financial institutions in financing Iraqi private sector projects.”
