News, Rumors and Opinions Monday AM 7-29-2024

30/07/2024

Clare: Clare: Spain signs EUR 1bn Cooperation Agreement with Iraq

29th July 2024 By John Lee.

The Spanish Export Credit Agency (CESCE) has signed an agreement with Iraq’s Sovereign Guarantees Committee to enhance cooperation between Spain and Iraq.

The €1 billion agreement aims to facilitate Spanish companies in executing mutually agreed projects to support the development of Iraq’s private industry under CESCE’s coverage.

The agreement underscores the commitment of both countries to boost trade, develop business lines, and provide access to Spanish technology and expertise for large-scale projects across various sectors.

CESCE will support the export of equipment, industrial plants, and production lines for key industries in Iraq. The Iraqi government will provide sovereign guarantees for the financing of these contracts, ensuring legal and economic security for the transactions and encouraging investment.

The agreement was signed at CESCE’s headquarters by its Executive President, Fernando Salazar, and Mohammed Sahib Al-Darraji, Technical Advisor to the Iraqi Prime Minister, in the presence of Iraqi Ambassador Salih Husain Ali.

This move aligns Spain with countries like Japan and Italy, which have also signed cooperation agreements with Iraq to strengthen economic and commercial ties. LINK

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Clare: Austrian Company wins Licence for Compliance Certificates in Iraq

29th July 2024 By John Lee.

The Iraqi Ministry of Planning signed a contract with Austrian company TÜV Austria, granting it a license to inspect and issue compliance certificates for goods imported into Iraq.

The contract was signed by Dr. Hussein Ali Dawood, head of the Central Organization for Standardization and Quality Control (COSQC), and Firas Mueed Hassan, the company’s authorized representative in Iraq.

Dr. Dawood emphasized the importance of this partnership in ensuring the quality and safety of imported goods, which will benefit Iraqi consumers. He highlighted that TÜV Austria operates in several countries, including Iran, and this collaboration aims to strengthen economic and trade relations with Austria.

Austrian Ambassador to Iraq, Dr. Andrea Nasi, who attended the signing ceremony, noted that the partnership will aid Iraq’s recovery by ensuring the import of quality goods and streamlining import procedures, thereby supporting the Iraqi market. LINK

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Courtesy of Dinar Guru: https://www.dinarguru.com/

Jeff Did you know the US troops are going to start getting removed in the month of September? Did you know Iraq will finish their accession to the World Trade in August? …They still have 150 laws that need to be done. They have a whole bunch of projects they need to start…The budget is not published in the Gazette…Did you know completing and implementing the reforms is a World Trade requirement but yet they’re going to finish their accession in the month of August? …everything is waiting on this right here [the budget]…

Mike Bara [via Judy Byington] The word I have is that Thursday night 25 July 2024, the US Treasury told Iraq that if they didn’t revalue their currency per the agreements “immediately,” UST would force the issue. Iraq responded that they were holding up because of concerns about some smaller banks that they suspected were doing business with the Iranians. They are determined that no RV funds make their way to Iran, because the two countries are historic enemies. UST responded by seizing the 5 banks, consolidating them into a single, manageable entity, and pushing the RV through. …Sat. 27 July 2024 the Central Bank of Iraq made the announcement regarding this transaction. As far as I know, this is the last hurdle to the revaluation.

TNT:

With a grand celebration attended by dignitaries.. The opening date of the “architectural masterpiece” of the Central Bank is revealed – Urgent

A responsible source in the Central Bank of Iraq revealed, today, Monday (July 29, 2024), the imminent opening of the bank’s new building in the center of the capital, Baghdad.

The source told Baghdad Today, “It is scheduled that at the end of the current year or the beginning of the new year at the latest, the Central Bank building will be opened as the first architectural masterpiece with a height of (172) meters and includes (38) floors, including offices, meeting rooms, and fortified storage areas for money and gold, in addition to celebration halls and various theaters.”

The source, who requested anonymity, added, “The opening of the Central Bank building will be accompanied by a very large celebration attended by senior officials in the Iraqi state, in addition to representatives of embassies and diplomatic missions. Moving the bank to this building will also ease traffic congestion in the Rashid area and nearby areas.”

Work began on the new Central Bank building in 2018, designed by the late Iraqi architect Zaha Hadid. link