Baghdad: The Center for Trade and Economic Studies at the Ministry of Trade confirmed that the European Union has renewed its support for the Iraqi government’s efforts to diversify the economy and empower the private sector.

According to National Iraqi News Agency, EU Ambassador to Iraq, Clemens Simmer, stated that current cooperation programs involve working with the Central Bank and several government agencies, particularly in combating money laundering. He revealed that a new joint project is being prepared to strengthen anti-money laundering mechanisms and curb the flow of illicit funds within and outside Iraq.

Simmer added that the EU mission implements development projects focusing on supporting government initiatives to reduce reliance on the public sector and encourage investment in productive sectors, especially small and medium-sized enterprises, through appropriate financing.

He noted that EU aid to Iraq amounts to approximately £300 million annually, allocated across multiple sectors, with priority given to supporting the private sector and improving the investment environment.

The Center highlighted that these partnerships reflect the international community’s commitment to supporting Iraq’s economy and enhancing its role in achieving more stable and diversified development.