"Finance Minister Taif Sami Mohammed signed a loan financing agreement with the Austrian Erste Group Bank on Tuesday to support the pivot irrigation systems project for the Ministry of Agriculture, worth (262,155,298) euros,” read a statement from Iraq’s Finance Ministry.
According to the agreement which was signed in presence of Ambassador of Austria to Iraq Andrea Nasi, the project will be implemented by the Austrian company Bauer.
“The company will provide technical and advisory support to the Ministry of Agriculture during all phases of the project, including design, implementation, operation and maintenance."
Iraq in recent years has severely been grappling with climate change, drought and water shortages.
In mid-April, Turkish President Recep Tayyip Erdogan visited Iraq for the first time in years, focusing primarily on water, oil, and regional security issues.
The visit, which included meetings with Iraqi President Abdul Latif Rashid and Prime Minister Sudani, aimed to address several contentious topics, especially the management of shared water resources.
Erdogan acknowledged the importance of water during his visit, emphasizing it as "one of the most important points" for discussion. He expressed a willingness to work towards resolving these water-related issues in response to Iraqi requests.
Farhad Alaaldin, foreign affairs advisor to the Iraqi PM, at the time highlighted water management as a major topic for Erdogan's talks with Iraqi officials. The discussions aimed at finding cooperative solutions to the water scarcity that plagues Iraq, with an emphasis on seeking Turkish support to alleviate the situation.
Iraq is among the top five countries most impacted by climate change. The country is committed to the 2015 Paris agreement to combat climate change and intensify efforts towards a sustainable low-carbon future.