The European Union (EU) affirmed on Saturday its support for Iraq’s efforts to diversify its economy and strengthen the role of the private sector in development.
“Our program includes cooperation with the Central Bank of Iraq and relevant government agencies on combating money laundering,” said EU Ambassador to Iraq, Klemens Semtner, to the Iraqi News Agency – INA.
Semtner explained that “work is underway to design a joint project with the Central Bank and prepare its implementation phases, with other parties also participating in this endeavor. The project focuses on combating money laundering, as illicit funds are entering and leaving the country. What we are currently discussing with our partners in the Iraqi government concerns the mechanisms for addressing and coordinating this issue.”
“EU delegation has numerous projects in Iraq, but its primary focus is supporting the government’s drive to diversify the economy and reduce the burden on the public sector. Addressing this challenge requires empowering the private sector and supporting small, medium, and emerging industries and enterprises by providing loans that help them build their capacity and secure stable sources of income outside of government jobs,” he explained.
He confirmed that “the total EU assistance provided to Iraq amounts to approximately €300 million annually, allocated to various sectors, with a clear focus on supporting the private sector and encouraging investment in productive projects.”
