Iraq is seeking $ 500 million from the Islamic Development

Thursday 10-09-2015 | 2:20:12

Twilight News / prospectus showed that Iraq would seek $ 500 million from the Islamic Development Bank in Jeddah loans to assist in the expected deficit in the step coverage culminate in the return of the country to the international debt market.

Baghdad is seeking to raise up to six billion dollars through a series of bond issuance denominated in US dollars, the first to Iraq since nine years to finance the salaries as well as infrastructure in the oil, gas, electricity and transport sectors projects.

The prospectus said that the country's federal budget for 2015 authorizes the Ministry of Finance to request additional funding from sources including the Islamic Development Bank.

She added that $ 225 million will be used in the development and renewal of major trade corridor linking Iraq to neighboring countries, as reported by Reuters and seen by Twilight News.

A spokesman for the Islamic Development Bank, said the bank had approved the funding in October 2013 and that he held talks with officials of the Iraqi government in May this year to discuss ways of cooperation.

"It is expected to support the Islamic Development Bank Group (Bank and the private sector arm and the arm of insurance and trade finance arm) public and private sectors through project and trade finance."