In a significant development aimed at bolstering economic cooperation, Iraq has officially become a member of the European Bank for Reconstruction and Development (EBRD), following the ratification of the membership law by the Iraqi Parliament.

The Iraqi Foreign Development Fund (IFDF) announced on Wednesday the country's accession to the EBRD, marking a pivotal moment in Iraq's engagement with international financial institutions. This move aligns with the Ministry of Finance's strategic vision to strengthen ties with global financial entities and foster development opportunities within the nation.

According to a statement released by the IFDF, extensive preparations were undertaken in collaboration with the European Bank to facilitate Iraq's membership. The accession is expected to facilitate funding for projects within Iraq, supporting development initiatives, empowering entrepreneurs, and fostering greater involvement of the private sector in decision-making processes.

The European Bank for Reconstruction and Development, established in 1991, initially focused on aiding the transition to market economies in Eastern Europe and the former Soviet Union. Over the years, its operations have expanded to encompass regions including Central Asia, the Middle East, North Africa, and Turkey. Offering a range of financial instruments such as loans, equity investments, and technical assistance, the EBRD plays a pivotal role in advancing projects spanning infrastructure, energy, agribusiness, and manufacturing. Additionally, the bank champions principles of good governance and transparency in its partner countries.

Conversely, the Iraqi Foreign Development Fund, founded in 2003, has been dedicated to promoting economic development within Iraq. Through the provision of loans, grants, and initiatives targeting various sectors such as infrastructure, education, and healthcare, the IFDF aims to spur growth and attract foreign investment. With offices located in Baghdad, Erbil, and London, the fund serves as a vital conduit for channeling resources towards vital projects aimed at enhancing Iraq's socioeconomic landscape.