Baghdad: The European Union revealed today its upcoming projects in Iraq, committing approximately 300 million euros annually to bolster the private sector.

According to National Iraqi News Agency, Clemens Semniter, the Ambassador of the European Union Delegation, disclosed plans for collaboration with the Central Bank of Iraq and other government entities to tackle money laundering. “We are currently in the design and preparation stages of this project and intend to work with Iraqi partners who have expertise in this critical area,” Semniter stated.

Semniter highlighted the challenge of illicit money flows in and out of Iraq, noting that the project’s progress is contingent upon upcoming discussions with Iraqi partners. He emphasized the necessity of diversifying Iraq’s economy, given the burden on the public sector with numerous employees drawing significant salaries. The EU’s strategy includes aiding the Iraqi government in enhancing the private sector, particularly small and medium-sized enterprises (SMEs), by offering financial support to empower them beyond the public sector.

The ambassador also touched on the “Initiatives to Strengthen Arbitration and Combat Corruption for Environmental Justice” project. Sponsored by the Federal Integrity Commission and executed by the United Nations Development Programme (UNDP) with EU financial backing, the first phase, which spanned four years with a budget of around 20 million euros, was deemed successful alongside Iraqi authorities.

“We are moving forward with the second phase, which, though shorter than the first, will receive approximately 4.5 million euros. This phase will concentrate on climate issues and integrate climate change efforts with anti-corruption measures,” Semniter elaborated. The upcoming phase will involve collaboration with the Integrity Commission to further these aims.

In addition to financial investments, the EU will provide training and new expertise to Iraqi entities. This support will include educating citizens on evaluating, monitoring, and reporting corruption, contributing significantly to the project’s success.