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[size=36]Disclosure of 4 industrial projects funded by external parties[/size]
Economy | 04:38 - 01/28/2024
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Mawazine News - Baghdad,
Advisor to the Prime Minister for Technical Affairs, Muhammad Al-Daraji, revealed the experience of four industrial projects by financing external parties, in order to sell factories to the private sector in exchange for sovereign guarantees.
Al-Daraji said, in an interview followed by Mawazine News, that “the government, for the first time, supports the private sector with sovereign guarantees,” noting that “the global context is that private companies finance factories for those who buy from them, and it is common for them to take some kind of guarantees or a feasibility study or enter As partners, the situation is different in Iraq because it did not achieve a high credit rating and is considered high risk, which led to depriving the private sector of this global advantage.”
In order to bring the private sector back into the global economic cycle, Al-Daraji explained, “The government must take a step towards supporting it and returning it properly, so the budget law approved by the House of Representatives allowed the government to give sovereign guarantees in exchange for any factories that come to Iraq from respected companies.” .
Advisor to the Prime Minister for Technical Affairs, Muhammad Al-Daraji, revealed the experience of four industrial projects by financing external parties, in order to sell factories to the private sector in exchange for sovereign guarantees.
Al-Daraji said, in an interview followed by Mawazine News, that “the government, for the first time, supports the private sector with sovereign guarantees,” noting that “the global context is that private companies finance factories for those who buy from them, and it is common for them to take some kind of guarantees or a feasibility study or enter As partners, the situation is different in Iraq because it did not achieve a high credit rating and is considered high risk, which led to depriving the private sector of this global advantage.”
In order to bring the private sector back into the global economic cycle, Al-Daraji explained, “The government must take a step towards supporting it and returning it properly, so the budget law approved by the House of Representatives allowed the government to give sovereign guarantees in exchange for any factories that come to Iraq from respected companies.” .
He added, "The committee responsible for this matter has begun marketing this idea globally with international companies in several countries, including (Germany, Italy, South Korea, Japan, China, and Spain)."
He stated that “there is experience with four industrial projects in the fields of medicine, food, construction, and chemicals to use this method, by granting guarantees to external parties that finance the process of selling factories to the Iraqi private sector,” noting that “the internal guarantees are intended to reserve the factory until its price is paid by the private sector.” After its operation, the need for a sovereign guarantee will no longer exist.”
He stated that “there is experience with four industrial projects in the fields of medicine, food, construction, and chemicals to use this method, by granting guarantees to external parties that finance the process of selling factories to the Iraqi private sector,” noting that “the internal guarantees are intended to reserve the factory until its price is paid by the private sector.” After its operation, the need for a sovereign guarantee will no longer exist.”
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