Iraq assigns international companies to audit the movement of funds within the Chinese agreement

 
Baghdad-INA
 
The financial advisor to the Prime Minister, Madher Muhammad Salih, announced on Thursday, activating the Iraqi investment account within the Chinese agreement, while noting that the Iraqi government has assigned international companies to follow up and audit the movement of funds within this agreement.
 
Salih told the Iraqi News Agency (INA): "The Iraqi investment account in the cooperation framework agreement between Iraq and China was activated before more than five months ago," noting that "the funds of this agreement will be allocated to important infrastructure projects, including the school building project, as well as important income-generating investment projects, which Chinese companies with world-class standards will compete to implement them”.
 
He added, "There is a credit line from the Chinese side, which amounts to about $1.8 billion for the current year 2021, as it is available as a financial liquidity that can be borrowed for spending on other important projects, but the Federal General Budget Law for the fiscal year 2021 allowed benefiting by an amount that does not exceed a little more than one trillion dinars." That is, a line of credit provided by Chinese banks this year and with the guarantee of the Chinese Credit and Export Guarantee Agency (SINOSURE), which is the guarantor, and the equivalent of nearly 700 million dollars, according to the budget law.
And he indicated that "This will be devoted to urgent and important development projects in the electric power sector in Iraq," noting that "there is a major international auditing company that monitors the movement of funds, accounts and all financial transactions concerned with the cooperation framework agreement between the two countries, which was appointed and its supervisory and auditing tasks were determined by the Iraqi government. "