Iraq joins the European Bank for Reconstruction and Development

Shafaq News/ The Iraqi Foreign Development Fund (IFDF) announced on Wednesday that Iraq joined the European Bank for Reconstruction and Development (EBRD) after the Iraqi Parliament ratified the membership law.

The IFDF said in a statement that the move comes as a part of the Ministry of Finance's vision to “enhance cooperation between Iraq and international financial institutions and following extensive preparations with the European Bank.”

The IFDF confirmed, according to the Ministry of Finance's statement, that the accession will “enable the EBRD to fund projects inside the country, promote development, support entrepreneurs, and involve the private sector in decision-making.”

The EBRD was established in 1991 to help build market economies in the former Soviet Union and Eastern Europe. The bank has since expanded its operations to include Central Asia, the Middle East, North Africa, and Turkiye countries.

The EBRD provides loans, equity investments, and technical assistance to support various projects, including infrastructure, energy, agribusiness, and manufacturing. The bank also promotes good governance and transparency in its countries of operation.

On the other hand, the IFDF was established in 2003 to promote economic development in Iraq. The fund provides loans and grants to support a variety of projects, including infrastructure, education, and healthcare. The IFDF also works to attract foreign investment to Iraq. The fund has offices in Baghdad, Erbil, and London.