For the purpose of financing a number of its projects:

The Iraqi government signs an 850 million Euros cooperation agreement with Italy.

– Six memoranda of understanding have been signed between several Iraqi private sector companies and Italian companies.

Under the guidance of Prime Minister Mohammed Shia’ Al-Sudani, the Iraqi government announced today (Saturday) the signing of a cooperation agreement with Italy to finance numerous industrial projects within Iraq. This agreement entails support from the Italian government for a range of projects valued at around 850 million Euros, encompassing critical sectors including industry, energy, food, and others.

Additionally, multiple Iraqi private sector companies have entered into six significant memoranda of understanding between Iraqi entrepreneurs and Italian counterparts who specialize in supplying production lines and factories.

In this context, a subsidiary of ZK Holding has partnered with the Italian firm Falorni to set up a 150 million Euro glass factory. This project, seen as a major initiative within the collaboration, is backed by the Italian company Sace and sponsored by the Iraqi government.
This agreement is one of several contracts aimed at supplying six factories to Iraq as part of the government’s initiative to support the private sector. Alongside glass products, the deal encompasses a range of other products, such as pharmaceuticals, poultry farming, egg production, associated gas processing, and an iron plant.

The agreements were signed during a special meeting held at the Sace headquarters in Rome, amidst the Iraqi government’s shift towards economic diversification, aiming to reduce dependence on the oil sector in favor of strengthening the industrial economy. These strategic maneuvers form integral parts of the government’s initiatives, which ZK Holding is actively advancing by executing the glass industries contract and engaging in diverse sectors outlined in the agreements.

Following the signing ceremony, the participants proceeded with their discussions at the Iraqi Embassy in the Italian capital, Rome, engaging with banks and companies. Present at this meeting were the Ambassador of the Republic of Iraq in Rome Dr. Siwan Barzani, and Italy’s Ambassador to Baghdad Mr. Maurizio Greganti, alongside members of the Iraqi delegation led by Mr. Mohammed Alderaji, the Prime Minister’s Advisor for Technical Affairs. The delegation also included Ambassador Haider Al-Adhari, heading the European Department at the Ministry of Foreign Affairs, the president of the Italian Export Agency, as well as a significant gathering of officials, businessmen, and bankers.

The agreements also detailed loan guarantees, facilitating substantial investment prospects in both the industrial and agricultural sectors. This initiative is set to ignite the production of a wide array of locally manufactured goods, thereby generating ample job opportunities for the Iraqi youth and curbing reliance on imported products. Consequently, this endeavor not only strengthens the Iraqi economy but also aligns with the government’s objectives to reassert Iraq’s prominence both regionally and globally.