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Iraq – SACE signs an agreement to promote Made in Italy exports

Iraq, SACE sigla accordo per promuovere export Made in Italy
Iraq, SACE sigla accordo per promuovere export Made in Italy

As part of the initiatives aimed at promoting Made in Italy exports, SACE concluded a framework agreement with the Trade Bank of Iraq.

The agreement – which was signed by Alessandra Ricci, Chief Executive Officer of SACE, and Bilal Sabah Alhamdani, President of the Trade Bank of Iraq, with a pool of international banks – is aimed at increasing Made in Italy exports to Iraq and supporting investments in the private sector of up to EUR 1 billion, with a view to diversification from the Oil&Gas sector.

On the occasion of the signing ceremony, which was also attended by the Italian Ambassador in Baghdad Maurizio Greganti, five Memoranda of Understanding worth a total of EUR 775 million were signed between Italian exporters and Iraqi buyers. New projects in the pipeline include the construction of a steel complex with a steel mill and rolling mill by Danieli & C. S.p.A.; the construction of a plant for the production of glass products by FalorniTech; the construction of a plant for the production of pharmaceuticals by Tecno Electric and CSV Life Science Group and an integrated agriculture plant by B2FIRMS; the construction of a plant for the production of glass by Bottero Spa.

“Italy is among the first countries to sign a framework agreement with Iraq to support export credit. The total value of today’s agreements that fall within the framework amounts to approximately EUR 775 million, testifying to the mutual commitment and the ever-increasing demand for Made in Italy products,” said Ambassador Greganti. “The involvement of SACE is a trump card and a fundamental element to give greater impulse to economic-commercial relations between Italy and Iraq, as well as to rebuild a local industrial sector that favours the diversification of the Iraqi economy and the creation of jobs.”

 

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