Baghdad (NINA) – The United States Embassy in Baghdad said that the U.S. Embassy in Baghdad, through the United States Agency for International Development (USAID), signed a Memorandum of Understanding (MOU) with the Office of the Prime Minister of Iraq outlining American support for Iraqi efforts to reduce regulatory obstacles in Iraq’s private sector.

The Embassy's statement said that the outlined in the Strategic Framework Agreement. The MOU was signed by USAID Mission Director Alex Dickie and the Chief of Staff of the Office of the Prime Minster, Dr. Hamid Ahmed.

It added that the signing event officially launches USAID’s participation in the Iraq Solution for Regulatory and Administrative Reform (ISRAR) project. ISRAR will review and eliminate unnecessary regulations that hinder business and private investment. ISRAR working groups, drawn from both the Government of Iraq and the private sector, will produce reform recommendations to make it easier to start a new business, obtain construction permits, and facilitate trade with regional neighbors and the world.

The statement added that these recommendations will help significantly improve the Iraqi private sector, and Iraq’s ranking in the World Bank’s Doing Business Report, which will assist efforts to expand investment in the economy.

It went on saying that implementation of these reforms will send a clear message to the international business community that Iraq is rapidly creating a new economic foundation.

The statement concluded that ISRAR is just one of a number of projects supported by the U.S. Embassy in Baghdad, under auspices of the Strategic Framework Agreement, to support efforts by the Government of Iraq (GOI) to improve the private sector. / End.