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Italy : Italy funds 4.55m for development of Agri-business Projects and Investment Promotion in Iraq
Publish Date : 20-Jan-2020
The Italian Development Cooperation is contributing more than 4.55m to two United Nations Industrial Development Organization (UNIDO) projects in Egypt and Iraq.
The goal of the Iraq project is to promote existing and potential investments in Iraq in order to expand the share of the private sectors contribution to the countrys GDP and to create employment opportunities for poverty alleviation and accelerated economic growth of Iraq.
The project will enhance the linkages between supply and processing factories, strengthen the technical skills of workers and managers in the processing factories, and improve existing marketing strategies in order to tap into new markets. It aims at value-addition and enhanced technical capacities of youth, thereby increasing employability and job opportunities.
It will have a dual focus, on one hand, increasing direct foreign investment, and on the other, increasing the impact of existing direct foreign investment through skills upgrading and increased local supply chain linkages.
In his statement, Ambassador Alessandro Cortese, Permanent Representative of Italy to the International Organizations in Vienna said, We believe both projects in Egypt and Iraq represent well our longstanding cooperation with UNIDO and the Italian way of doing business with our highly qualified expertise and advanced technologies, while contributing to the implementation of the 2030 Agenda.
Ambassador Cortese also stated that These two agreements confirm that the partnership between UNIDO and Italy is deep rooted and very well grounded. It is based on shared geographical and thematic priorities and has brought remarkable results in terms of quality and quantity of technical cooperation delivered through many successful initiatives.
UNIDO Director General, LI Yong, expressed his appreciation of Italys important financial and political support. Li said, Italy has always been an effective advocate of UNIDO and of the 2030 Agenda for Sustainable Development. We share a common vision to promote inclusive and sustainable industrial development to tackle inequalities at all levels.
Li noted that the Egypt project will be implemented with the Ministry of Trade and Industry, and the Ministry of Agriculture and Land Reclamation, as well as the local private sector, which will be the initiatives primary beneficiary.
