Thursday, April 05, 2007
Iraq negotiates $500 million loan from World Bank
International, Economy
(AFP) - Iraq is negotiating a 500-million-dollar loan from the World Bank to help reconstruct its war-torn economy, the prime minister's office said on Thursday. A statement from Nuri al-Maliki's office said the cabinet had authorised Finance Minister Bayan Jabr Solagh to sign the loan agreement.
"The council of ministers decided in an extraordinary session on March 29 to authorise the finance minister to negotiate and sign a loan agreement with the World Bank worth 500 million dollars," the statement said. It provided no further details.
The World Bank has remained active in Iraq but closed its permanent office in the country after one of its employees was killed in a truck bombing at the UN complex in Baghdad in August 2003. The bank has given loans to Iraq since the 2003 US-led invasion, mainly for improving the country's dilapidated educational institutions.
"The council of ministers decided in an extraordinary session on March 29 to authorise the finance minister to negotiate and sign a loan agreement with the World Bank worth 500 million dollars," the statement said. It provided no further details.
The World Bank has remained active in Iraq but closed its permanent office in the country after one of its employees was killed in a truck bombing at the UN complex in Baghdad in August 2003. The bank has given loans to Iraq since the 2003 US-led invasion, mainly for improving the country's dilapidated educational institutions.
Labels: Finance Minister Bayan Jabr Solagh, loan, World Bank
