(MENAFN) Türkiye and Iraq have signed a new mechanism to fund joint water cooperation initiatives, advancing a broader bilateral framework on resource management and infrastructure development, according to diplomatic sources.

During an official visit to Baghdad, Turkish Foreign Minister Hakan Fidan met with Iraqi Prime Minister Mohammed Shia Al-Sudani before co-signing the “Mechanism Document for the Financing of Projects Under the Framework Agreement on Water Cooperation Between the Government of the Republic of Türkiye and the Government of the Republic of Iraq” alongside Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein.

Officials explained that the new mechanism establishes financial and administrative regulations to implement the “Water Cooperation Framework Agreement,” originally signed during Turkish President Recep Tayyip Erdoğan’s visit to Baghdad in 2024.

Under the agreement, Turkish firms will lead modernization and infrastructure projects designed to improve the sustainable management and efficient use of Iraq’s water resources.

Funding for these initiatives will be structured around a system linked to Iraqi oil revenues.

The mechanism is intended to strengthen Türkiye’s role in rebuilding Iraq’s water infrastructure and improving overall resource management, while also expanding opportunities for Turkish companies in large-scale development projects.

Both the framework agreement, signed on April 22, 2024, and the new financing mechanism are seen as milestones marking a deeper strategic phase in economic and trade cooperation between the two nations.

Given the growing challenges posed by climate change and regional water scarcity affecting both countries, officials underscored that long-term, collaborative approaches are essential to ensuring sustainable resource management across the region.

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