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Sovereign guarantees... a trend that promotes national industries
Economic 2024/11/04
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Economic circles described the provision of sovereign guarantees, which was proposed during the Iraq Economic Forum, held under the patronage of the Prime Minister, as an important and necessary matter in attracting major investments to Iraq with its capital and advanced technology. The forum focused on the issue of providing sovereign guarantees to private sector companies that aim to obtain financing from international institutions recognized by the Central Bank, and work to develop the industrial sector and reduce imports. The head of the Sovereign Loans Initiative, Mohammed Sahib Al-Daraji, reviewed the reality of the Sovereign Guarantees Initiative, which was included in the budget law for the three years, and includes selecting priorities through a specialized committee that determines the industries included in the initiative.
He stopped at the mechanism for Iraqi businessmen to obtain financing for their industrial projects from foreign institutions with a total value of the projects amounting to 750 million dollars annually, and 85% of the project value is financed through the initiative of international institutions from countries with which memoranda of understanding have been signed, including five European countries and Japan, on condition that the Iraqi investor has 15% of the cost, has international trade relations and guarantees 25% of the project facilities, and the Iraqi government is the guarantor of payment after two years of implementing the project with a reduced interest rate not exceeding 1.5% annually, and the amount is paid through TBI and in Iraqi dinars.
Chairman of the National Investment Commission, Haider Makiya, said: Iraq is about to implement a large volume of projects, and this approach will relieve the Ministry of Finance and provide funding for these projects through a mechanism that can be described as acceptable by international financial institutions known to the Central Bank of Iraq.
He pointed out that the large volume of work makes us welcome such funding, which brings great benefit to Iraq.
Member of the Iraqi Businessmen Union, Ahmed Makalaf, said: The government issued, in accordance with the Federal Budget Law 2023 - 2024 - 2025, the Sovereign Guarantees Initiative to support the private sector to finance industrial projects, a percentage
85% of the value of the equipment that enters the production factories, provided that this equipment is modern with deliberate international specifications, preserves the environment, and increases local production to avoid imports and preserve hard currency, which leaves Iraq to import various consumer products and return Iraq to self-sufficiency for all basic industries, and the government issued this important project, which industrialists consider a golden initiative that will develop the industrial sector quickly and regularly.
Economic expert Dr. Salwan Al-Nouri described sovereign guarantees as an important axis in attracting qualitative investments to the national labor market.
He added that Iraq represents an important front for specialized international companies, which have come to realize that the volume of work in Iraq is large and broad and accommodates major local and international efforts.
He pointed out that guarantees are one of the most important requirements that bring capital and advanced technology to the national labor market, which can achieve a major shift within the field of the national economy seeking real, qualitative investments.
In turn, the economic affairs specialist, Qasim Al-Maliki, stated: The guarantees can achieve integration in the investment sector between the Iraqi field of work and the qualitative investment effort that desires to work in Iraq.
He pointed out that if guarantees for investments are available, we must choose companies that have weight in the global economy, have a name in the labor market, and most importantly, have a specialization in the field of implementation, in which they are heading to work.
He stressed the importance of organizing the investment process in the country, pointing out the importance of forming a specialized body that facilitates the executive procedures and keeps them away from complexity. In return, investment companies are required to implement within the times specified in the referral decision and within the required specifications.
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