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EU banks wish to finance renewable energy projects in Iraq

Baghdad ( – The Ambassador of the European Union to the Republic of Iraq, Ville Varjola, during his meeting on Monday with the Governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb, expressed the desire of European banks to finance renewable energy projects in Iraq, according to the CBI press statement cited by the Iraqi news Agency (INA).

The statement mentioned that Ghaleb and Varjola discussed the bilateral economic and banking relations, especially in the field of training.

Ghaleb confirmed that there are good relations with the countries of the European Union, and Iraq seeks to develop these relations, according to the statement.

Ghaleb indicated that the CBI’s growing reserves of gold and foreign currencies during the last two years have a positive impact on achieving financial stability in Iraq, the statement elaborated.

Ghaleb expressed his desire to enhance the cooperation between the CBI and the European Union in the field of training employees in the Iraqi banking sector, and to benefit from the expertise in European banking institutions.

On the other hand, Varjola commended the efforts of the CBI to get Iraq out of the European list of high-risk countries.

Varjola also indicated his desire to strengthen Iraqi-European relations in the economic fields, according to the statement.  

Varjola confirmed that large European banks would like to finance investment projects, particularly in the field of renewable energy, as Iraq has promising opportunities in this aspect.

Varjola appreciated the stance of the CBI and its independence in terms of the political crisis in Iraq, and noted the wisdom and high professionalism of the CBI’s administration.

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