30 September 2019
Iraq and China signed eight agreements topped by a framework agreement between the Iraqi Finance Ministry and China Export and Credit Insurance Corporation (Sinosure) during the third Iraqi-Chinese economic cooperation forum in Beijing last week.
In his speech at the forum, Iraqi Prime Minister Adel Abdul-Mahdi said decisions concerning Public Private Partnerships (PPP), the setting up of Council of Reconstruction, which is responsible for high-cost projects and the easing of travel and stay restrictions have been welcomed by investors and companies coming into the country.
The framework credit agreement, which will start with a principal amount of $10 billion, envisages the financing of major infrastructure projects from Iraqi oil exported to China, according to a report by state news agency Xinhua on Saturday.
A statement issued by Abdul-Mahdi's office said agreements with China covered financial, commercial, security, reconstruction, communication, culture, education and foreign affairs. Significant ones included an MoU between the Iraqi Ministry of Finance and the Chinese Ministry of Commerce on cooperation for post-war reconstruction in Iraq and a MoU between the Ministry of Communications and the Chinese Satellite Office.
Trade between China and Iraq exceeded $30 billion in 2018, state news agency Xinhua said on Saturday.
(Reporting by Majda Muhsen; Editing by Anoop Menon)
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