23 October 2019
The US Exim Bank has signed a Memorandum of Understanding (MoU) with Iraq's Ministry of Finance to fund reconstruction projects in the OPEC member.

Mudher Mohammed Saleh, the financial adviser to the Iraqi government, told Thomson Reuters Projects that the MoU was a renewal of the US pledge at a reconstruction conference in Kuwait last year to grant soft loans to Iraq under the guarantee of the US Exim Bank.

He said the sanctioned amount for Iraq was increased by about $2 billion to reach a total amount of $5 billion.

Donor countries pledged $30 billion for the reconstruction of Iraq's war-affected areas at the the International Conference for the Reconstruction of Iraq in Kuwait in February 2018 though Iraqi government estimates put the required amount at $88 billion.

(Reporting by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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