Kurdistan conclude a deal for a loan of $ 3 billion

03/02/2017 (0:01 pm) - The number of readings: 129 - Issue (3866)

Baghdad / term

Approved the Kurdistan region of new deals for a loan of $ 3 billion from financial institutions and the company "Rosneft" Russian ensuring repayment deferred for a period ranging between 3 to 5 years through future oil sales in order to strengthen its financial position and is locked in a battle against al Daesh.

In an interview with Reuters from London and the Minister of Natural Resources of the Kurdistan Regional Government Ashti Hawrami said the new deals have been concluded in recent weeks, negotiations were held to be the repayment period between 3 to 5 years.

He Hawrami said, "This helps our economic independence, despite it's important we have to realize that this can not be achieved from the oil resources only high oil prices, but we also push towards economic our reforms, we have learned much from the shock of falling oil prices and the cost fight al Daesh and the burden of responsibility to accommodate approximately 1.8 million refugees in our territory, continuing economic reform is inevitable and we have a lot of debt that we seek to resolve. "

Hawrami said, "The loan deals will help in the deficit caused by falling oil prices for several years to cover, and will appoint a financial situation and this means that we can reimburse benefits of international oil companies operating in Kurdistan on a regular basis and we must invest part of the money to expand the infrastructure for our sector oil"

The Minister of Natural Resources of the Kurdistan region he hoped through the deal with the Russian company "Rosneft" to pave the way for other international companies to hold the same agreement, noting that Rosneft is also seeking to invest in patches exploration in the province, and the province plans to offer 20 patch for investors to explore them.