The Türkiye Wealth Fund (TVF) and the Iraq Development Fund (DFI) have inked a memorandum of understanding (MoU) in Baghdad to form 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 news conference held before the signing ceremony, Ermut highlighted 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 added that the centuries-old friendship has grown into a partnership built on mutual trust and shared goals.
Calling the agreement a major step forward, Ermut said the MoU will strengthen cooperation between Türkiye and Iraq not only at a regional level but globally.
"As the Türkiye Wealth Fund, we will closely collaborate with the Iraq Development Fund to develop, finance and implement a wide range of projects," he said.
"This memorandum clearly reflects our joint commitment to work together in key strategic sectors," he said. "Our cooperation will span 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 said the partnership will go beyond investments to include knowledge sharing, technology transfer and the joint use of resources.
"This will help ensure that our projects have a broader, more lasting impact," he added.
He expressed confidence that the initiative would promote inclusive and sustainable growth in both countries, strengthen regional economic stability and further 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 said. "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."
Al-Najjar welcomed the TVF delegation to Baghdad and said their visit marked a significant milestone-not only for the Development Road project but for broader partnerships between the two countries.
"For the first time, Iraq and Türkiye are moving beyond trade to engage in long-term strategic projects," he said, adding 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 within 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 investments, the agreement emphasizes collaboration 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.
