Clare: Clare: Spain signs EUR 1bn Cooperation Agreement with Iraq
29th July 2024 By John Lee.
The Spanish Export Credit Agency (CESCE) has signed an agreement with Iraq’s Sovereign Guarantees Committee to enhance cooperation between Spain and Iraq.
The €1 billion agreement aims to facilitate Spanish companies in executing mutually agreed projects to support the development of Iraq’s private industry under CESCE’s coverage.
The agreement underscores the commitment of both countries to boost trade, develop business lines, and provide access to Spanish technology and expertise for large-scale projects across various sectors.
CESCE will support the export of equipment, industrial plants, and production lines for key industries in Iraq. The Iraqi government will provide sovereign guarantees for the financing of these contracts, ensuring legal and economic security for the transactions and encouraging investment.
The agreement was signed at CESCE’s headquarters by its Executive President, Fernando Salazar, and Mohammed Sahib Al-Darraji, Technical Advisor to the Iraqi Prime Minister, in the presence of Iraqi Ambassador Salih Husain Ali.
This move aligns Spain with countries like Japan and Italy, which have also signed cooperation agreements with Iraq to strengthen economic and commercial ties. LINK
