The Italian SACE Group, specializing in financial insurance and controlled by the Italian Ministry of Economy and Finance, announced the signing of a new agreement with the Higher Export Credit Committee in the Republic of Iraq.

This agreement aims to enhance cooperation opportunities between Iraq and Italy by implementing projects with significant social impact, involving Italian companies.

The agreement was signed in Rome, attended by SACE's CEO Alessandra Ricci and His Excellency Mr. Mohammed Daraji, the technical advisor to the Prime Minister and head of the Higher Export Credit Committee in Iraq.

A Step Forward

This step was facilitated by the Italian ambassador in Baghdad, Maurizio Cricante. The parties also committed to developing a broad framework to support projects worth up to one billion euros, with the potential to increase trade cooperation between the two countries.

After signing the agreement, SACE hosted a business matching meeting between a number of Italian and Iraqi companies, including 25 Iraqi companies, the Iraqi Ministry of Finance, and the Trade Bank of Iraq, along with more than 40 Italian companies operating in the sectors covered by the agreement.

This agreement comes as part of the increasing cooperation between Italy and Iraq, which also includes an agreement signed last May with GKSD Investment Holding Group, specializing in large project development and management ranging from construction to scientific and medical activities and consulting services.

Alessandra Ricci stated that this initiative aims to enhance trade exchange between Italy and Iraq and facilitate access to technology and Italian products. She emphasized that this cooperation represents a significant opportunity for businesses, with a direct positive impact on the benefiting communities.

For his part, Mr. Mohammed Daraji pointed out that the Iraqi government has taken bold steps to enhance the export credit program, issuing laws and regulations to provide sovereign guarantees worth up to one trillion Iraqi dinars, aimed at supporting financing for the industrial sector and developing the local production system.

He expressed hope that Iraqi companies would benefit from these substantial opportunities to strengthen fruitful cooperation with Italian companies, thereby enhancing the strong relations between the two countries.

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