U.S., Iraq sign USD3 bn memo for transport projects

U.S. Secretary of State Rex Tillerson speaks during a press conference after talks with Chinese diplomatic and defense chiefs at the State Department in Washington, U.S. June 21, 2017. REUTERS/Kevin Lamarque

Baghdad ( The United States and Iraq signed on Tuesday a memorandum by which the latter receives USD3 billion in financial aid for transportation and other reconstruction-related projects.

The declaration, quoted by Sputnik news agency, was made by U.S. State Secretary Rex Tillerson during a conference of donors to Iraq reconstruction which began in Kuwait on Monday.

Tillerson said the memo, signed by U.S. bank Exim and the Iraqi finance ministry, provides for USD3 billion for transport and other projects in Iraq.

He said U.S. firms had previously signed a deal worth USD2 billion for the Iraqi electricity sector, adding that another project worth USD350 million would see works starting soon.

Tillerson also reiterated the U.S. commitment to supporting Iraq’s stability and voiced backing for the government’s declared fight against corruption.

Iraq has said it hopes to collect nearly USD100 billion to rehabilitate the infrastructure and economy of the country ravaged by a three-year war against Islamic State militants.

Iraq declared in December the recapture of all territories occupied by the group in 2014.

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