Iran offers $1-billion soft loan to Iraq

In an agreement to be signed Wednesday Iran will lend 1 billion dollars to Iraq to help develop the war-ravaged country's industrial sector.

Iran offers $1-billion soft loan to Iraq
In an agreement to be signed Wednesday Iran will lend 1 billion dollars to Iraq to help develop the war-ravaged country's industrial sector, the Iraqi industry ministry has announced.

Iraq's minister of industry and minerals Fawzi François al-Hariri described the initiative as "positive for the future of economic, political and trade relations between the two countries", the ministry said in a statement.

The money, offered at "advantageous rates will be used for six industrial projects in Baghdad and in other provinces for the production of vegetable oils, textiles, sugar and other activities", according to al-Harir's deputy, Sami Rauf al-Aaraji.

The memorandum to be signed between the two countries was the result of negotiations between the two neighbouring countries that began in 2005 al-Aaraji said.

AKI
Last Mod: 08 Ağustos 2007, 19:21
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