ERBIL, Kurdistan Region of Iraq – Kurdistan Region Prime Minister Masrour Barzani on Sunday described multi-billion-dollar agreements signed with major American companies in the energy sector during his latest visit to Washington DC, as being “a dynamo for economic growth” in the Kurdistan Region.
“We, in the Kurdistan Region, have begun reforms. These reforms are not just ideas, but rather, they have direct impacts on improving the livelihood of the people of Kurdistan. We will achieve inclusive economic prosperity and growth and connect Kurdistan to the regional and international markets,” said Prime Minister Barzani during a keynote speech he delivered during a graduation ceremony for the Class of 2025 at the American University of Kurdistan (AUK) in Duhok.
Barzani said his latest visit to the US “marked a very good beginning towards that end.”
"During the visit, we signed landmark agreements with major American energy companies, which will be a dynamo for economic growth, investment, and innovation," Barzani said. “These deals will pave the way for investment, create high-quality jobs, and empower a new generation, people like you."
Prime Minister Barzani last week oversaw the signing of two landmark agreements in Washington DC, one with HKN Energy and ONEX Group, and another with WesternZagros. The deals have a combined value of around $110 billion and aim to boost the Kurdistan Region’s energy sector.
“These two agreements will benefit the Kurdistan Region and all Iraqi people,” a statement from the KRG cited the prime minister as saying.
Prime Minister Barzani added that the government has laid the foundation of “a stronger Kurdistan” through its “worldview” to diversify the economy and be self-reliant across multiple sectors, including energy, finance, education, and health care.
Prime Minister Barzani said advances the Kurdistan Region has seen have not been due to oil revenues, but the government’s “economic worldview” to develop non-oil sectors, such as banking and agriculture.
“We are laying the foundation stone of a stronger and more resilient Kurdistan based on this worldview. Main roads have been built in different parts of the Kurdistan Region, water supply systems have been expanded, and new dams have been built to protect our future,” the Kurdish premier said.
The Prime Minister highlighted two landmark projects that the ninth cabinet of the Kurdistan Region has undertaken and are ongoing, including the Runaki Project and the My Account initiative.
The “Runaki Project” is the Kurdistan Regional Government’s (KRG’s) program to provide 24-hour power to residential neighborhoods. The project aims to cover the entirety of the Region by 2026.
"We provide the basic necessities of modern life not only for today, but also for future generations. As a key element of this progress, we are committed to providing sustainable electricity through the Runaki Project and turning one of our biggest challenges into the biggest achievement, by lighting homes, strengthening industry, and fulfilling the promise of a brighter Kurdistan,” the prime minister said.
In its endeavor to advance the Kurdistan Region towards a cashless economy, the KRG initiated the digitization of the payroll system for over one million public sector beneficiaries, through the MyAccount initiative which started in September 2023.
The initiative aims to modernize the method by which civil servants receive their salaries, enhancing financial stability and granting beneficiaries access to a diverse array of financial services, including savings accounts.
"To renew and modernize our banking system, we have launched the My Account initiative, which is unique in our region. This project will help citizens to have easier access to digital banking, improve transparency, encourage and expand a culture of entrepreneurship and responsibility,” the Kurdish premier detailed.
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