Iraq, Turkey ink “mechanism document” for financing projects in water
(MENAFN) Türkiye and Iraq have signed a new “mechanism document” aimed at financing joint projects in the water sector, building on an existing framework agreement between the two countries, according to diplomatic sources.
During his official visit to Baghdad, Turkish Foreign Minister Hakan Fidan met with Iraqi Prime Minister Mohammed Shia Al Sudani. Following the discussions, Fidan and Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein signed the “Mechanism Document for the Financing of Projects Under the Framework Agreement on Water Cooperation Between the Government of the Republic of Türkiye and the Government of the Republic of Iraq.”
Officials explained that the mechanism provides the rules and procedures needed to implement the broader “Water Cooperation Framework Agreement,” which had been signed during Turkish President Recep Tayyip Erdogan’s visit to Baghdad in 2024.
Under the new mechanism, Turkish firms will undertake infrastructure modernization and construction projects designed to improve the efficient, effective, and sustainable use of Iraq’s water resources. Financing for these projects will be organized through a system linked to Iraqi oil sales.
Through this initiative, Türkiye aims to enhance its role in strengthening Iraq’s water infrastructure and boosting the efficiency of water resource management in the country. The framework agreement signed in April 2024, together with the newly signed financing mechanism, represents the start of a strategic phase in bilateral economic and trade relations.
The agreement is also expected to facilitate Turkish contracting companies’ access to the Iraqi market and create opportunities for involvement in strategic water and infrastructure projects. Officials emphasized that regional cooperation on water is increasingly critical, given the decline in water resources due to climate change and the resulting stress affecting both Iraq and Türkiye.
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