Türkiye Wealth Fund and Iraq Development Fund sign strategic partnership deal
Salim Arda Ermut, CEO of the Türkiye Wealth Fund, and Mohammed al-Najjar, Executive Director of the Iraq Development Fund, shake hands after signing a memorandum of understanding in Baghdad, Iraq, on Apr. 8, 2025. (AA Photo)
The Türkiye Wealth Fund (TVF) and the Iraq Development Fund (DFI) signed a memorandum of understanding (MoU) in Baghdad on Tuesday to establish a strategic partnership aimed at advancing joint projects across key sectors.
The agreement was signed by TVF CEO and board member Salim Arda Ermut and DFI Executive Director Mohammed al-Najjar. At a press conference held before the signing ceremony, Ermut emphasized the historic and cultural ties between the two nations.
“As countries with deep-rooted histories, a shared geography, and strong fraternal bonds, Türkiye and Iraq have always enjoyed a special relationship,” he said.
He noted that the centuries-old friendship has evolved into a partnership built on mutual trust and shared objectives.
A new framework for bilateral collaboration
Describing the agreement as a major step forward, Ermut said the MoU will enhance cooperation between Türkiye and Iraq not only regionally but also on a global scale.
“As the Türkiye Wealth Fund, we will work closely with the Iraq Development Fund to develop, finance, and implement a wide range of projects,” he stated.
“This memorandum clearly reflects our joint commitment to collaborate across key strategic sectors,” he added. “Our cooperation will encompass renewable and green energy, information and communication technologies, infrastructure and construction, transportation and logistics, automotive, agricultural technologies and food production, as well as financial services and fintech.”
Ermut also noted that the partnership will extend beyond investments to include knowledge sharing, technology transfer, and the joint use of resources.
“This will help ensure that our projects have a broader and more lasting impact,” he said.
He expressed confidence that the initiative will promote inclusive and sustainable growth in both countries, strengthen regional economic stability, and deepen the longstanding ties between Türkiye and Iraq.
“At the Türkiye Wealth Fund, we place great value on building long-term relationships based on trust and shared values—not just economic interests,” Ermut concluded. “Today’s agreement is a clear reflection of that vision. I thank everyone involved in making this important step possible, especially the officials and stakeholders from both countries.”
‘Iraq and Türkiye move beyond trade’
Al-Najjar welcomed the TVF delegation to Baghdad and described the visit as a significant milestone—not only for the Development Road Project but for broader cooperation between the two nations.
“For the first time, Iraq and Türkiye are moving beyond trade to engage in long-term strategic projects,” he said, noting that the MoU lays the foundation for future joint ventures.
The memorandum sets the stage for deeper bilateral cooperation and aims to build impactful partnerships at both regional and global levels. It establishes a structured mechanism for jointly developing, financing, and implementing projects, with the first tangible outcomes expected by May 2025.
The MoU includes commitments to innovation-driven investments in critical sectors such as renewable and green energy, information and communication technologies, infrastructure, transportation and logistics, automotive, agricultural technologies and food production, as well as financial services and fintech.
Beyond financial investment, the agreement underscores cooperation in knowledge sharing, technology transfer, and the strategic allocation of resources. The partnership is expected to support inclusive and sustainable economic development in both Türkiye and Iraq, reinforce regional economic stability and growth, and deepen the countries’ longstanding strategic ties.
