Baghdad: Prime Minister Mohammed Shia Al-Sudani directed to find quick solutions to simplify legal and administrative procedures to facilitate the implementation of small project lending initiatives and sovereign guarantees and make them successful.

According to National Iraqi News Agency, the Prime Minister’s Media Office stated in a statement that Al-Sudani chaired a special meeting on financing private sector projects as part of the Sovereign Guarantees Initiative. During this meeting, the mechanisms for facilitating procedures to achieve industrial development were discussed, alongside the work of the Sovereign Guarantees Committee and its significant economic shift in supporting the private sector as part of the government’s vision for achieving economic reform.

Al-Sudani directed the development of rapid solutions to simplify legal and administrative procedures to facilitate the implementation and success of small business lending and sovereign guarantee initiatives. He emphasized the importance of adopting an economic reform approach and its paths to develop projects.

Additionally, the Prime Minister instructed the contracting of two international companies: one specializing in international law and global economics to serve as an advisor to the Trade Bank of Iraq (TBI), and the other specializing in public relations to contribute to raising Iraq’s credit rating.