Iraq borrow $ 500 million from the Islamic Development

Baghdad scales News - It showed a prospectus, on Friday, that the Iraqi government would seek loans worth $ 500 million, from the Islamic Development Bank in Jeddah; to assist in the expected deficit in the step coverage culminate in the return of the country to the international debt market.

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

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

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

He added that "$ 225 million will be used in the development and renewal of major trade corridor linking Iraq to neighboring countries" .anthy 29 / d 25