Iraq is actively seeking to expand its economic horizons through closer ties with the European Investment Bank. Iraqi Minister of Foreign Affairs Fuad Hussein and the bank’s Vice President Gelsomina Vigliotti met in Luxembourg on Monday to explore ways to enhance Iraq economic cooperation.
During the meeting, both sides discussed strategies to increase collaboration in development projects and investment opportunities. They emphasized supporting major infrastructure projects and strengthening financial systems in Iraq. Furthermore, they analyzed global economic trends and their potential impact on Iraq’s economy.
Hussein highlighted the Iraqi government’s priorities, including empowering the private sector and reducing dependence on public sector funding. He stressed that Iraq economic cooperation with international financial institutions can significantly accelerate national development. He also underlined the need to complete the necessary steps for a framework agreement that would establish a joint partnership with the European Investment Bank.
Vigliotti confirmed that the bank stands ready to provide financial support, technical guidance, and advisory services. She highlighted the importance of initiatives that promote sustainable development and economic stability in Iraq. Both parties agreed that joint efforts could bring long-term benefits to the country’s financial sector and overall economic growth.
The discussion also covered concrete measures to boost investment and improve infrastructure. Participants agreed to identify high-priority projects where European Investment Bank funding could create visible results. This approach aims to stimulate job creation, enhance public services, and increase investor confidence.
In addition, Hussein and Vigliotti considered mechanisms to monitor project implementation and ensure that resources deliver maximum economic impact. By fostering transparency and accountability, both sides aim to create a more attractive environment for local and foreign investors.
The meeting marks a significant step in Iraq’s efforts to expand Iraq economic cooperation with key international partners. Officials emphasized that stronger collaboration with financial institutions can accelerate Iraq’s development goals while supporting private sector growth. Moving forward, both sides plan to continue discussions to formalize partnership agreements and launch priority projects.
By focusing on practical solutions and sustainable investment, Iraq is positioning itself as a competitive player in regional and global markets. The partnership with the European Investment Bank reflects the country’s commitment to economic reform, stability, and long-term growth.
