Iraqi Cabinet Approves Austrian Irrigation Loan Agreement

The Iraqi Cabinet has granted the Finance Minister the authority to sign a loan agreement with Austria's Erste Bank, secured by the Austrian Export Credit Agency (OeKB).

The loan will finance an irrigation technology project under the Ministry of Agriculture, in accordance with the Federal Budget Law for the fiscal years 2023-2025. The Cabinet also approved the financing terms.

Earlier this year, Iraq's Ministry of Agriculture agreed a deal with the Austrian company Bauer, a maker of irrigation equipment, for the supply of 12,000 pivot sprinklers.