in

Baghdad mulls USD 300 million loan from Italy for projects

Italian flag


Baghdad (IraqiNews.com) Baghdad is seeking USD 300 million to Italy to finance a number of projects, the capital’s governor was quoted saying in a statement on Wednesday.

Atwan al-Atwani said in a statement by his media office that Baghdad was seeking to “open areas of cooperation with the Italian government through the financing of service projects”.

The statement said Atwani was in efforts to secure a USD 300 million, interest-free loan from the Italian government to finance education, health, electricity, agriculture and industry projects given the financial crisis the country is currently going through.

Iraq’s war against Islamic State militants since 2014, the need to address the dilemma of nearly five million people displaced by the war and falling world petroleum prices have all worsened Iraq’s economic situation, prompting the government to turn to world donors.

The war against IS has severely damaged infrastructure and services at areas held by the group.

Iraq declared the recapture of Islamic State’s last haven last Friday, stressing that the group was defeated on the military level.

Italy is a member of the United States-led coalition fighting the group alongside the Iraqi government since 2014. It also supervises maintenance work at Iraq’s strategic Mosul Dam


2 Comments

Leave a Reply
  1. I find it hard to believe anybody in Italy has $300 billion to loan out. Why would it be interest-free? What does Italy get out of the deal? Are ya sure it wasn’t $300 MILLION?

Leave a Reply

Your email address will not be published. Required fields are marked *

Battles between Houthis and Yemeni Army escalated in Lahij, Hajjah and Taiz

Iraqi forces arrest suicide bomber near Mosul market