Saudi Arabia has allocated nearly $3 billion for projects in Iraq under a new industrial investment agreement signed by the two countries on Wednesday, the Saudi Ambassador was reported on Thursday as saying.

Abdul Aziz Al-Shammari said the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has approved the funds to support joint industrial ventures in Iraq.

The envoy made the comments in Iraq’s Aliqtisad News agency after officials from the two countries signed an agreement for public-private partnership industrial projects in Iraq.

“This agreement is a great opportunity for the two countries to set up joint projects…the PIF has already set aside $3 billion to support such projects in industry, infrastructure, real estate and other sectors,” Shammari said.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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