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Iraq, Italy sign $700 million agreement to finance industrial projects

Baghdad ( – The technical advisor to Iraq’s Prime Minister, Mohammed Al-Daraji, announced on Saturday that Iraq and Italy had signed a $700 million agreement to finance industrial projects.

Al-Daraji told the Iraqi News Agency (INA) that the agreement was signed between Iraq’s Sovereign Guarantees Committee and SACE, an Italian insurance-financial group specializing in supporting Italian businesses and industries.

The Trade Bank of Iraq (TBI) and two Italian banks will finance projects in areas related to infrastructure, pharmaceuticals, associated gas processing, glass production, food, and housing.

The agreement was signed at SACE premises in the Italian capital, Rome, by Al-Daraji and SACE Chief Executive Officer, Alessandra Ricci.

The Iraqi official noted that other agreements have been reached between Iraqi and Italian businessmen to provide Iraqi factories with Italian production lines.

Following the memorandum of understanding signed in May with GKSD Investment Holding, a leading global provider of project planning, development, and management, to support potential projects involving Italian companies in Iraq, the initiative marks a new and tangible step forward in the cooperation between Italy and Iraq.

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