Al-Kadhimi’s advisor elaborates the details of the Chinese loan

 
Baghdad-INA
 
The Adviser to the Prime Minister, Madhar Muhammad Salih, announced today, Tuesday, the details of the Chinese loan and the projects financed by it, while noting that discussions are continuing to determine the priorities of the projects financed by the loan. 

 “The framework agreement for cooperation between Iraq and the People's Republic of China has become effective, and it took its first course through the legislation of the General Budget Law for the year 2021, when an amount of more than one trillion dinars was approved, implemented through the Chinese loan with the guarantee of China Export & Credit Insurance Corporation (Sinosure)", noting that "there are important technological projects in the field of industry and motivating the economy, which will be financed from the aforementioned allocation contained in the budget law in order to improve its productive efficiency, which means a signal to start the work of the cooperation framework agreement between the two countries," Saleh told the Iraqi News Agency (INA).
 
He added that "Work is still going on to determine the priorities of projects that Chinese government companies can promote in the form of direct implementation contracts in accordance with the best international practices in contracting, and they are financed from the proceeds from the sale of Iraqi oil to the People's Republic of China."

He stressed that "the aforementioned agreement with China provided for allocating revenues of 3 million barrels of oil per month for the implementation of projects by Chinese companies at the request and selection of the Iraqi side in accordance with international standards," noting that "work is under way between consultants and experts in the State apparatus to prioritize the most important projects for citizen life and human development in Iraq.