Germany allocates 2.4 billion dollars to support Iraqi special projects

by **claud39** Tue Oct 06, 2020 12:11 pm

Germany allocates 2.4 billion dollars to support Iraqi special projects

10/06/2020

Economy News - Baghdad

The German embassy in Iraq announced that the German government has allocated 2.4 billion dollars to support projects in Iraq.

"Germany is strongly committed to supporting Iraqi efforts to develop a thriving private sector, because the private economic sector can create job opportunities," said the German ambassador to Iraq, Uli Diehl, in his opening speech at a conference organized by the German GIZ organization, via the Internet.

"There is no economy in the world that can achieve and maintain a good level of wealth without entrepreneurs or competitive industries," he said.

He stressed that "the German government has already allocated more than 2.4 billion dollars to support projects in Iraq," with a date that "Germany will continue its support for Iraq."

Iraq is experiencing a stifling financial crisis, as a result of the control of the public sector over economic activity, as well as the unilateralism of the economy that depends on oil revenues by 97%, according to the indicators of the Ministry of Finance.

During the two-day conference, participants discussed possible measures to address the current economic crisis, for example through digitization and digital transformation, a focus on agribusiness and the agricultural sector, as well as support for startups that could create new jobs.

They all agreed that economic reform and removing bureaucratic obstacles are essential requirements for diversifying the Iraqi economy and developing a private sector that can provide job opportunities and support long-term economic growth and flexibility.

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