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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Sovereign Guarantees Committee: The Prime Minister identified 5 priority categories for granting fin

    Rocky
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    Sovereign Guarantees Committee: The Prime Minister identified 5 priority categories for granting fin Empty Sovereign Guarantees Committee: The Prime Minister identified 5 priority categories for granting fin

    Post by Rocky Wed 12 Jun 2024, 5:08 am

    Sovereign Guarantees Committee: The Prime Minister identified 5 priority categories for granting financing

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    Economy News - Baghdad
    On Tuesday, the Sovereign Guarantees Committee counted the loans signed with 4 countries as a financing ceiling for Iraq, while indicating that the Prime Minister identified 5 classifications as a priority for granting financing.
    The committee’s rapporteur, Haider Qassem, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the Sovereign Guarantees Initiative Committee was formed pursuant to Diwani Order 23101 of 2023, and its mission at the time of its establishment was to reach an understanding with the German side in order to finance industrial and agricultural projects within Iraq has an initial ceiling of 500 million euros through communicating with the German side and understanding the idea of ​​sovereign guarantees and the mechanism for applying them to the Iraqi private sector, because sovereign guarantees were previously given or granted in exchange for government sector projects.”
    Qassem added: “We began working on this concept in February 2023, and the first dialogue was with the German side, and soon we learned about the experiences of countries that used this type of guarantee, which represents the highest guarantee, which is represented by the Ministry of Finance assuming the repayment on behalf of the borrower in the event of Non-payment of the latter.
    He added, "We tried to take advantage of these guarantees to support the private industrial sector to support strategic private projects that require huge amounts of money, at a time when local banks do not have the ability to grant such loans, unlike foreign banks that have the ability and high financial liquidity."
    He explained, "This is a banking process and is carried out by export guarantee organizations, as banks in the producing country in which the production line is manufactured finance importers until the line is imported and goes into operation."
    He pointed out that "the committee was not limited to dialogue with the German side, and expanded greatly towards Italy, Spain, Japan, and France. A ($200 million) agreement was signed with Japan for the benefit of the Iraqi Trade Bank, and a ($200 million) agreement is being negotiated with them for the benefit of the Industrial Bank."
    He continued his speech: “We signed with the Italian side for an amount of (1 billion euros), and we have currently signed with the German side for (1 billion euros), and last week a preliminary memorandum of agreement was signed with the French side for an amount of (1 billion euros), and negotiations are currently being conducted by The head of the committee, Mohamed Al-Daraji, is in the British capital, London, to obtain an amount of (1 billion pounds),” noting that “next July will witness meetings and dialogues with the Spanish side to obtain (1 billion euros).”
    He noted that "the committee has five classifications that represent its priorities for support. The first aspect is industries, medical supplies, and export requirements for medicines, and the second is everything related to building and construction, such as iron, brick, and cement factories. The third aspect is related to chemicals and petrochemicals, in addition to energy and industries related to agriculture," he pointed out. He pointed out that "these five classifications were identified by the Prime Minister as a priority for granting funding."
    Qassem added: “Last month, we signed projects worth (750 million euros) in the Italian capital, Rome, with Italian suppliers. This included medicines, plate glass factories, glass factories for containers, a project related to kerosene and gas investment, and a project related to petrochemical industries.”
    He continued: "We signed 6 projects worth (750 million euros) with Japan, and we signed with the German side to finance (110 million euros) for the glass factory, which will be in Najaf Governorate."
    He pointed out that "the Japanese side will give an amount of (200 million euros) to the Trade Bank of Iraq, which will in turn distribute it. The committee has a logical division, as small projects will be financed from the Japanese loan because its benefits will be low as a form of support. As for strategic projects, they will be financed according to the global system." ". 
    He continued: “So far, an amount (3 billion euros and 200 million dollars) has been signed with 4 countries as a financing ceiling for Iraq, and there are 32 export guarantee organizations around the world linked to 32 countries. The committee’s plan during the current and next two years is to open up to everyone and obtain Financing from everyone to raise the capacity of the private sector to be qualified to approach international banks.”
    He pointed out that "there is a goal that the committee seeks, given that Iraq has a lot of raw materials. Strategic projects are supported not only to cover the local need, but also to encourage investors to export the surplus from the abundance of raw materials."
    He concluded by saying: “Council of Ministers Resolution No. 23101 established the mechanism for benefiting from financing, as the Iraqi investor brings the contract to import the production line signed with the foreign company, the feasibility study and other requirements related to the Iraqi Trade Bank, which he submits to the bank, and the latter, in turn, approaches foreign banks in exchange for the sovereign guarantee within 60 days, and the deadline for submission is a limit of 10 sovereign strategic projects.”


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