Iraq borrowed from the Islamic Development Bank $ 500 million

09/10/2015 10:51

Tomorrow Press / Baghdad: a prospectus showed that Iraq would seek $ 500 million from the Islamic Development Bank in Jeddah loans to assist in the expected deficit in the step coverage culminate in the return of the country to the international debt market.

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

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

She added that "$ 225 million will be used in the development and renewal of major trade corridor linking Iraq to neighboring countries."

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

He added that "it is expected to support the Islamic Development Bank Group (Bank and the private sector arm and the arm of insurance and trade finance arm) public and private sectors through project and trade finance."

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Iraq borrow $ 500 million from the Islamic Development Bank and half of it is devoted to the development and revitalization of trade


Author: BS, HAA
Editor: BK, BS
09/10/2015 21:02



Long-Presse / Baghdad

Revealed launch global bond prospectus, Thursday, Iraq sought to obtain $ 500 million from the Islamic Development Bank IDB of the Jeddah-based to help cover the financial inability loans, indicating that half of the loan will be used for development and revitalization of trade with neighboring countries.

The newsletter, according to the news agency Reuters, I followed the (long-Presse), said that "Iraq's budget for the current 2015 authorizes the Ministry of Finance to obtain additional funding from other sources, including the Islamic Development Bank," noting that "Iraq will use $ 225 million of the loan $ 500 million, for the purposes of development and revitalization of trade with neighboring countries. "

A spokesman for the Islamic Development Bank, the agency said, "The bank had approved the funding in October of 2013, and held talks with Iraqi officials in May of the year the current 2015, to discuss further prospects for cooperation," expected to "The Development Bank Corporation Islamic support public and private sectors through project finance and trade. "

The site Bloomberg Bzenz Bloomberg Business US economic news, it was revealed in, (the 18th of Yep 2015), for the use of Iraq universal to banks to issue bonds international worth six billion dollars, returned the first time carried out by Iraq such a move a decade ago to reduce the worsening fiscal deficit, which suffers from it, while the view of the size of British economic analyst, that Iraqi oil production registered record levels, likely enable him to overcome the financial crisis if what happened another rise in oil prices.

The banking sources confirmed on Wednesday, (the ninth of September now 2015), that the Iraqi government will start a campaign promoting international bonds being issued for the first time, where Baghdad is seeking to finance the budget suffered a deficit, due to falling oil prices and its war against al (Daash).

The Islamic Development Bank, an international financial institution established in pursuance of the statement of determination issued by the Islamic countries finance ministers, which was held in the city of Jeddah Conference, in December of 1973, and held the inaugural meeting of the Board of Governors in the city of Riyadh, in July of 1975, The bank officially opened in (the twentieth of October 1975).


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