The city of Baghdad is seen from the air
World

£1 Billion Funding Boost Announced To Support Exports To Iraq

The billion pounds will strengthen the UK Government's ability to play a key role in the long term prosperity of Iraq.

The city of Baghdad is seen from the air

The International Trade Secretary has announced a billion pounds of funding to support British exports to Iraq.

Liam Fox confirmed the trade boost whilst on a three-day visit to the country.

He says the billion pounds will strengthen the UK Government's ability to play a key role in the long term prosperity of Iraq.

This is the first time in more than a year that a cabinet minister has visited Baghdad.

Whilst there, Dr Fox will meet with the Iraqi Prime Minister and President to discuss trade.

The £1 billion investment, from Government agency UK Export Finance, will be available for British firms operating in Iraq and aims to provide jobs and promote stability in the region.

It is hoped that the investment will continue to help the Iraqi government deliver crucial infrastructure.

Speaking about the funding, the International Trade Secretary said: "The atmosphere in Baghdad is one of optimism, it is a country which is having an increasingly stable period at a time of significant unrest in the wider region.

"The British Government, working closely with the UK private sector and our Iraqi partners, have a key role to play in the country's long-term prosperity.

"The £1 billion we have announced today will significantly strengthen our ability to do just that.

"Iraq's future is bright, and my international economic department will continue to work tirelessly to ensure it maintains this stability, allowing the hard work of its talented citizens to flourish for the benefit of all.

"Trade is about more than economic self-interest, it is the means through which we deliver the mutual prosperity that underpins our collective security. That is the true prize of trade policy and promotion done right."