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The Türkiye Wealth Fund (TWF) and the Development Fund for Iraq (DFI) have signed a landmark memorandum of understanding (MoU) in Baghdad, marking a new chapter in economic cooperation between the two countries. The agreement, signed by TWF CEO and Board Member Arda Ermut and DFI Executive Director Mohammed al-Najjar, aims to establish a strategic partnership to jointly develop, finance, and implement transformative projects across a range of critical sectors.
The partnership will focus on several key areas, including renewable and green energy, ICT, infrastructure and construction, transportation and logistics, automotive, agricultural technologies and food production, as well as financial services and fintech.
Speaking at the signing ceremony, Ermut emphasized the enduring historical and cultural ties between Türkiye and Iraq. "As countries with deep-rooted histories, shared geography, and strong fraternal bonds, Türkiye and Iraq have always enjoyed a unique relationship," he said. "This MoU clearly reflects our joint commitment to working together in key strategic sectors."
DFI Executive Director Mohammed al-Najjar echoed these sentiments, calling the MoU a milestone in bilateral relations. "For the first time, Iraq and Türkiye are moving beyond trade to engage in long-term strategic projects," he said. "This MoU lays the foundation for a future shaped by shared vision, mutual trust, and impactful partnerships."
The agreement introduces a structured mechanism for collaboration, with the first tangible outcomes expected in 2025. It is anticipated to contribute to regional prosperity by aligning both countries' economic strategies and leveraging their comparative strengths.