SACE, the Italian insurance-financial group directly controlled by the Ministry of Economy and Finance, announces a new important agreement with the Higher Committee for Export Credit of the Republic of Iraq and a business matching initiative to support co-operation opportunities between the two countries to implement projects with a high social impact in Iraq involving Italian companies.
The agreement – signed at the SACE headquarters in Rome by Alessandra Ricci, CEO of SACE, and H.E. Dr. Mohammed Al Darraji, Technical Advisor to the Prime Minister and President of the Higher Committee for Export Credit of the Republic of Iraq – aims to strengthen and enhance cooperation in various sectors with a high social impact, including infrastructure, pharmaceuticals, glass production, agrifood and housing. The Agreement was made possible thanks to the support of the Italian Ambassador in Baghdad Maurizio Greganti. The counterparts are committed to developing an Open Multitied Framework to support projects in the country up to EUR 1 billion. In light of a potential increase in trade flows between Iraq and Italy, SACE will evaluate opportunities to support export contracts with the Iraqi Ministry of Finance as guarantor.
Following the signing, SACE hosted a business matching meeting between 25 companies operating in Iraq, the Iraq Ministry of Finance, the Trade Bank of Iraq, and over 40 Italian companies operating in the sectors covered by the agreement.
The initiative represents a new concrete step forward in the cooperation between Italy and Iraq, and is in addition to the agreement signed last May to develop new opportunities in the country with GKSD Investment Holding, a world leader in the planning, development and management of projects, ranging from construction and acquisition operations to medical-scientific activities and consulting services.
“We are proud to support exchange and business opportunities between Italy and Iraq, while facilitating access to Italian technologies, products and know-how to implement projects with a high social impact,” said Alessandra Ricci, CEO of SACE. “This initiative has enormous potential in terms of business, with concrete benefits for the communities involved.
“The Iraqi government has taken important and bold steps to implement an export credit programme to support the private sector. The laws and regulations to issue sovereign guarantees of up to one trillion IQD to cover financing for industry is a necessary commitment to enable the development of our production system,” said H.E. Dr. Mohammed Al Darraji, Technical Advisor to the Prime Minister and Chairman of the Higher Committee for Export Credit of the Republic of Iraq. “The hope is that our companies can achieve a successful collaboration, seizing the opportunities offered by this programme and the excellent relations between Italy and Iraq”.