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[size=36]$290 million loan from Austria to Iraq[/size]
economy | 03:02 - 09/19/2024
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Mawazine News - Baghdad
Finance Minister Taif Sami signed a loan financing agreement with the Austrian Ambassador to Baghdad to support the pivot irrigation systems project for the Ministry of Agriculture, worth (262,155,298) euros, and implemented by the Austrian company Bauer.
The Ministry of Finance stated in a statement received by Mawazine News that "the agreement is in line with Iraq's national strategy to enhance infrastructure and public services, and aims to revive the agricultural sector, alleviate water scarcity, stimulate economic growth, and create job opportunities. The loan is part of a broader approach by Iraq to obtain external financing for investment projects with economic benefits, as stated in the 2023-2025 budget and Cabinet Resolution No. 24630 of 2024."
The Minister stressed "the importance of this agreement in enhancing economic cooperation between Iraq and Austria, looking forward to more joint projects in the future. Bauer will provide technical and advisory support to the Iraqi Ministry of Agriculture throughout the project life cycle, including design, implementation, operation, and maintenance."
She pointed out that "the project represents a vital step towards modernizing the agricultural sector in Iraq, especially in light of the challenges of water scarcity and climate change, and is expected to achieve long-term economic benefits by increasing agricultural production and reducing dependence on imports."
The Ministry of Finance stated in a statement received by Mawazine News that "the agreement is in line with Iraq's national strategy to enhance infrastructure and public services, and aims to revive the agricultural sector, alleviate water scarcity, stimulate economic growth, and create job opportunities. The loan is part of a broader approach by Iraq to obtain external financing for investment projects with economic benefits, as stated in the 2023-2025 budget and Cabinet Resolution No. 24630 of 2024."
The Minister stressed "the importance of this agreement in enhancing economic cooperation between Iraq and Austria, looking forward to more joint projects in the future. Bauer will provide technical and advisory support to the Iraqi Ministry of Agriculture throughout the project life cycle, including design, implementation, operation, and maintenance."
She pointed out that "the project represents a vital step towards modernizing the agricultural sector in Iraq, especially in light of the challenges of water scarcity and climate change, and is expected to achieve long-term economic benefits by increasing agricultural production and reducing dependence on imports."
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