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Al-Iraqi Trading and Commerzbank Germany sign agreement to boost economic growth

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Al-Iraqi Trading and Commerzbank Germany sign agreement to boost economic growth

The slogan of the Iraqi Trade Bank «Economy News»
Economy News Baghdad


The Iraqi Trade Bank signed an agreement worth about 100 million euros with the German bank Commerzbank to facilitate imports from Europe as well as to finance investment projects and provide jobs.

"The bank has signed a 100 million euro agreement with Commers and with the approval of the German Export Guarantee Agency Euler Hermes to increase investment opportunities, finance medium- and long-term projects, and facilitate the development of medium- and long-term projects," Faisal Al-Hims, general manager of the bank, said in a statement. Import process from European countries".

"This financing is part of the Bank's long-term strategy to finance internal investments and to provide new resources to support the importation of basic materials and services for the Iraqi investor," he said.

"We recognize the importance of supporting this type of project, which will contribute to the guarantee of the German Export Agency to direct remittances to suppliers in European countries for the projects to be studied. Carefully in order to be an effective element in economic development as part of our commitment to accelerate the pace of this growth through partnerships that we do with the various stakeholders to help Iraqi companies to perform its role and achieve its ambitions."

"We are pleased to sign the financing agreement because it is a major achievement that will contribute to strengthening trade relations between Iraq and Germany and will also allow the support of Iraqi companies seeking to do business with our customers in Germany and other parts," said Katherine Karpinski, head of export and finance at international markets. From Europe by providing long-term financing loans to various projects in the future."

"Our strong presence in the European market, combined with the ability and expertise of the Iraqi Bank in the local markets, will bring tangible value to German and European companies by expanding their business in Iraq and creating new investment opportunities that will benefit both sides," she added.

Deutsche Bank is Germany's second largest bank, which finances 30% of foreign trade and has branches and offices in more than 50 countries and also finances private, public and investor sectors.


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