The loan will finance projects in Iraq to create new opportunities for employment and accelerate the process of economic growth.
Trade Bank of Iraq (TBI) has signed a basic loan agreement for financing loans with Commerzbank to support SMEs in Iraq.
The newly-signed loan agreement focuses on the financing of export contracts awarded to Commerzbank clients in Germany and other European countries.
In a statement, TBI stated that it aims to support public and private sector projects up to a business volume of EUR 100 million and facilitate financing of export contracts for products, materials and machines.
Faisal Al Haimus, Chairman & President of TBI, said that the loan agreement will enable to provide support for SMEs in Iraq, a sector which is playing a big role in the economic upturn by driving the growth.
“Through this framework, we will support Iraqi companies seeking to do business with our clients in Germany and other parts of Europe by offering long-term funding for various projects in the future,” added Cathrin Karpinski, Head of International Markets Export & Agency Finance of Commerzbank.