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Iraq is moving ahead with plans to establish an Energy and Development Fund backed by the Central Bank of Iraq that will be opened to regional and international investors, Prime Minister Ali Faleh Al-Zaidi said.
A statement issued by the prime minister's media office on Tuesday, citing his interview with London-based Arabic-language newspaper Asharq Al-Awsat, quoted Al-Zaidi as saying the fund will be offered for public subscription.
He said Iraq will invite Saudi Arabia, the UAE and Qatar to participate alongside US and European investment funds and banks.
Al-Zaidi has previously said the Energy and Development Fund could become a long-term financing vehicle for strategic infrastructure, electricity and energy projects. The government has said the initiative is intended to mobilise investment for Iraq's reconstruction and economic development.
The Prime Minister also called for changes to Iraq's crude oil production quota within OPEC, saying the country's current allocation does not adequately reflect its population, the economic challenges it has faced or the costs incurred in fighting ISIS.
"We seek a fair mechanism for allocating OPEC crude oil production quotas that protects the rights of Iraq and the Iraqi people," he said.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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