Adviser to the Prime Minister announces the details of the Chinese loan and the projects funded by it

money and business

Economy News _ Baghdad

Adviser to the Prime Minister, Mazhar Muhammad Salih, announced, on Tuesday, the details of the Chinese loan and the projects financed by it, while noting that discussions are continuing to determine the priorities of the projects covered by the loan.

Saleh said in an interview with the Iraqi News Agency, and followed by “Economy News”, that “the cooperation framework agreement between Iraq and China has become effective, and took its first course through the legislation of the General Budget Law for the year 2021, when an amount of more than one trillion dinars was approved, implemented through The Chinese loan is guaranteed by the Chinese Agency for Credit and Export Guarantee (Sinosure), noting that “there are important technological projects in the field of industry and motivating the wheels of the economy that will be financed from the aforementioned allocation contained in the budget law in order to improve its production efficiency, which means the start of the work of the cooperation framework agreement between the two countries. “.

He added that “work is still continuing to identify the priorities of projects that Chinese government companies can promote in the form of direct implementation contracts in accordance with the best international practices in contracting, and they are financed from the proceeds of the sale of Iraqi oil to the People’s Republic of China.”

He stressed that “the aforementioned agreement with China provided for allocating revenues of 3 million barrels of oil per month for the implementation of projects by Chinese companies at the request and selection of the Iraqi side in accordance with international standards,” noting that “work is underway between consultants and experts in the state apparatus to prioritize projects with prejudice and priority.” The first direct impact on the life of the citizen and human development in Iraq.


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