Taif Sami Mohammed, the pastor of money for Iraq, agreed to a deal with the Austrian minister to Baghdad in order to obtain a €262.16 million [$291 million] credit from Erste Gathering Bank. Under Austrian company Bauer driving the venture’s implementation, the advance will help to subsidize the enhancement of turn water system frameworks for the Service of Farming.
Aiming in line with Iraq’s national goal to upgrade infrastructure and public services, the agreement seeks to increase economic growth, solve water scarcity, revive the agricultural sector, and generate employment possibilities. As shown in the 2023-2025 financial plan and Bureau Choice No. 24630 of 2024, Iraq’s more comprehensive approach to handle safe outside supporting for venture projects with monetary rewards depends on the credit.
Minister Sami underlined the need of this agreement in improving economic cooperation between Iraq and Austria in expectation of other cooperative projects in the future. From strategy to implementation, activities to maintenance, Bauer will provide Iraq’s Service of Horticulture specific and consultancy support.
Given water scarcity and environmental change challenges, this project is seen as essential toward modernizing Iraq’s rural area. Normal is yielding great long range financial benefits by increasing farming result and lowering reliance on imports.
