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Municipalities sign a memorandum of understanding with China to finance infrastructure projects in Iraq
Alsumaria News / Baghdad
The Ministry of Municipalities, Sunday, announced the signing of a memorandum of understanding with China to finance infrastructure projects in Iraq , while suggesting to the approval of the Chinese companies to support the projects of the ministry in a manner of payment on credit.
The Minister of Municipalities and Public Works Abdul Karim Ansari on the sidelines of his visit to China in a statement received "Alsumaria News", a copy of it, "it was the signing of a memorandum of understanding with the Chinese government whereby the Bank of China's state-owned financing infrastructure projects in Iraq in amounts of up to four billion and a half billionth can be increased by the size of the projects funded. "
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He said Ansari "The delegation reviewed during intensive meetings with major Chinese state-owned companies and economic reality in Iraq and map projects that require implementation in the provinces," he said, adding "the approval of the Chinese companies to support the projects of the ministry in a manner of payment on credit and study investment map well."
Iraq has been going through a financial crisis as a result of the decline in world oil prices to below $ 60 a barrel after he had arrived to $ 115 per barrel during the second half of 2014, Iraq relies on the budget from oil revenues, and 95%.
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