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By News Center

The Turkish Wealth Fund (TVF) and the Iraqi Development Fund (IKF) have officially launched strategic cooperation between the two countries with the signing of a memorandum of understanding (MoU) in Baghdad.

The agreement was signed by Arda Ermut, General Manager and Board Member of the Turkish Wealth Fund, and Muhammed al-Naccar, President of the Iraqi Development Fund.

Speaking at the press conference held prior to the signing ceremony, Ermut stated that as two countries with a deep-rooted history, a shared geography, and strong bonds of brotherhood, relations between Turkiye and Iraq have always held a special place. He noted that this centuries-old friendship has fostered mutual trust and solidarity, evolving beyond neighborly ties into a brotherhood centered around shared goals.

“This memorandum of understanding is a significant step forward that will elevate cooperation between Turkiye and Iraq not only regionally, but also on a global scale,” Ermut said.

As the Turkish Wealth Fund, it will engage in intensive collaboration with the Iraqi Development Fund to develop, finance, and implement projects.

“This memorandum clearly reflects our shared commitment to work together in key strategic sectors. We aim to cooperate across a broad spectrum—from renewable and green energy to information and communication technologies; from infrastructure and superstructure investments to transportation and logistics; from automotive to agricultural technologies and food production; and from financial services to fintech applications.

Beyond investments, we will maintain close cooperation in areas such as knowledge sharing, technology transfer, and the joint use of resources. This will help ensure that our joint projects generate broader and more lasting impact,” he said.

Ermut expressed his belief that this initiative will support inclusive and sustainable development in both Turkiye and Iraq. He added that the partnership would also strengthen regional economic stability and deepen the friendship between the two nations.

“We place great importance on building long-term relationships based not only on economics, but also on trust and shared values. I believe today's step is a strong reflection of that commitment. I would like to thank everyone who contributed to this important process, especially the esteemed leaders of both countries and all stakeholders,” he said.

President of the Iraq Development Fund, Muhammed al-Naccar, also expressed his pleasure at welcoming the TVF delegation in Baghdad. He emphasized that this was an important step not only for the Development Road Project, but also for all future projects, partnerships, and bilateral relations.

“For the first time, we are signing long-term strategic projects that go beyond commercial relations between Iraq and Turkiye,” Neccar said, noting that the MoU also lays the groundwork for future joint initiatives.

The memorandum aims to enhance bilateral cooperation and establish a framework for effective partnerships on both regional and global scales.

Within this context, the two sides will collaborate through a structured cooperation mechanism to develop, finance, and implement joint projects. The first tangible results of this joint effort are expected to emerge in 2025.

The MoU also includes joint commitments to innovative investments in strategically important sectors, including renewable and green energy technologies, information and communication technologies, infrastructure and superstructure development, transportation and logistics, automotive, agricultural technologies and food production, fintech, and financial services.

In addition to these investment areas, the partnership encompasses knowledge and expertise sharing, technology transfer, and the strategic allocation of resources.

This cooperation is expected to support sustainable economic development in both countries, while also strengthening growth, enhancing regional economic stability, and deepening long-standing strategic ties.