Iraq's Parliament Designates One Trillion Dinar to Fund Private Sector, Investments

Shafaq News/ The Iraqi Parliament's Finance Committee has opted to allocate one trillion dinar to the recently established "Development and Projects Fund" in a bid to bolster the country's private sector and create investment opportunities.

This announcement was made during a committee meeting chaired by Lawmaker Atwan al-Atwani, with the Prime Minister's advisor, Mohammad al-Najjar, who offered insights into the Iraq Development Fund's objectives and listed projects.

A press release by the committee said it has approved al-Najjar's proposal to create the Iraq Internal Development Fund.

The committee expressed confidence in the fund's potential to create a favorable investment climate in the country, promote sustainable economic and social development, and expedite the execution of projects under its purview.

During the meeting, al-Najjar provided an overview of the diverse range of projects covered by the fund and its vitality for achieving sustainable development that "conserves natural resources, improves future living standards for upcoming generations, and develops strategic plans for enhanced performance."

He elaborated on the types of projects within the initiative, which include small projects, profitable ventures, as well as the Digital Transformation Fund, the Agriculture Fund, and the Industry Fund, among others.

The primary objective of the fund is to involve the private sector in supporting Iraq's reconstruction and development efforts, reestablishing equilibrium to stimulate investment within the country, and financing development and urban projects.

The fund's responsibilities encompass managing these finances and implementing approved projects aimed at reconstructing the nation's infrastructure, improving health and education services, strengthening the economy, and fostering growth in the agricultural and industrial sectors.