Baghdad (dinaropinions.com) – On Wednesday, Mohammed Al-Najjar, Director of the Iraq Fund for Development, disclosed that the government’s agreement with Egypt-based El-Sewedy Electric includes the establishment of three industrial cities and investments totaling $5 billion.
According to Al-Najjar, the new agreement with El-Sewedy Electric is encouraging, and the company plans to invest $5 billion in Iraq.
To draw in financial backers, the understanding likewise required the formation of a joint Iraqi-worldwide asset that would focus on carrying industry and high level training to the nation as a feature of the improvement of modern and monetary towns.
The Iraq Fund for Development is currently looking into potential locations for the new industrial cities in central and southern Iraq.
The Iraqi Prime Minister, Mohammed Shi Al-Sudani, stated that there is now greater economic cooperation between Egypt and Iraq during a meeting on Monday with Ahmed El-Sewedy, President of El-Sewedy Electric, Egyptian entrepreneurs, and Iraqi officials.
The meeting’s agenda included collaboration strategies for advancing industry, energy, infrastructure, and oil resource development.
The Iraqi government will evaluate a number of ideas presented by El-Sewedy Group, and the two parties decided to investigate the establishment of industrial cities in Baghdad.
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