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London provided 10 billion pounds to develop infrastructure


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Britain agrees to lend Iraq $ 12 billion for infrastructure

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Britain has agreed to lend Iraq $ 12 billion. 

He said the Iraqi Finance Ministry official told Reuters on Sunday that "Britain has agreed to provide ten billion pounds [12.29 billion] inloans to Iraq in order to assist in the financing of important projects in the field of infrastructure." 

He added that " a formal declaration will be issued later in the day." 

The Council of Ministers approved in its session on 26 July on the recommendation of the Committee on Economic Affairs on, walk down the steps of the loan agreement with the British government in the amount of 10 billion pounds, and the formation of a committee to negotiate and submit a draft negotiating to Cabinet fundamentalist, to be added Basra province to the Committee mentioned on the draft scarcity and water desalination.

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Iraq and Britain sign a memorandum of 10 billion pounds Sterling loan

economy

 Since 05/03/2017 14:07 pm (Baghdad time)

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Baghdad balances News

Iraq and Britain signed on Sunday a memorandum of understanding included a loan from the United Kingdom by 10 billion pounds sterling and the duration of 10 years.

The Minister of Finance Agency Essa Abdul Razak during a joint press conference after the signing ceremony with the British ambassador in Baghdad, Frank Baker, and I followed / balances News /, "The signing of the memorandum comes in implementation of the law of the federal budget for 2017".

He said al-Issa, that "the purpose of the loan financing of infrastructure projects, especially water, electricity and sanitation projects within a period extending to ten years."

For his part, the British ambassador said, "The memorandum of understanding between Baghdad and London will be an important framework in the light of the signing of the required supporting loans for projects agreements."

He pointed out, that "we hope that this step contributes to the development of infrastructure in Iraq," .anthy 29 / A 43

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Economy News / Baghdad ...
 
 
 
Iraqi Information Office of the Ministry of Finance, said on Sunday that Baghdad will receive loans worth 10 billion pounds from Britain to finance infrastructure projects.
The Iraqi foreign minister, Ibrahim al-Jaafari, has called, in late February, the international community to help his country rebuild operations that accept them after the elimination of al Daesh.
Jaafari said that Iraq needs help in providing humanitarian services areas liberated from al Daesh terrorist, as well as land reclamation and mine removal.
The Iraqi Foreign Ministry expressed the hope that the international community assist Iraq similar project for "Marshall" a project that contributed to the construction of Germany after World War II.
 
 
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Views 10   Date Added 05/03/2017 - 12:28   Last updated 03/05/2017 - 15:03   No. Content 6837
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IRAQ TO GET 10 BILLION POUND LOAN FOR BRITISH CONTRACTS

Iraq to get 10 billion pound loan for British contracts
Iraqi Acting Finance Minister Abdul Razzak al-Essa (R) speaks during news conference at the Ministry of Finance in Baghdad, Iraq March 5, 2017. REUTERS/Wissm al-Okili

16 mins ago

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SULAIMANI – The British government has agreed to give 10 billion pounds ($12 billion) in loans to the Iraqi government to finance infrastructure projects in the country over a 10 year period, Iraq’s acting finance minister announced on Sunday (March 5).

Acting Minister of Finance, Abdul Razzaq al-Essa, said during a press conference in Baghdad that only British companies can be contracted to carry out projects funded by the loans.

"The interest rate on the loans should be determined by the British companies," the minister said. "This loan is exclusively allocated to British companies.”

British ambassador to Iraq, Frank Baker, told reporters Britain will continue to help Iraq move forward to recover from the “ravages” of Islamic State (ISIS) over the past three years.

"For the government of the United Kingdom this is further evidence of the bilateral support that we are giving and will continue ... to ensure that Iraq is able to grow and become a powerful country and nation once again,” he said.

The Iraqi finance ministry said earlier in a statement that Iraq and Britain had agreed to sign a memorandum of understanding which will serve as a framework to provide funds to specific projects during the period.

"The aim of the loan is to finance infrastructure projects including water and sewage, over a period of 10 years," the statement read.

Iraq still suffers from poor electricity and water supplies and a shortage of schools and hospitals, 14 years after the U.S.-led invasion that toppled Ba’ath President Saddam Hussein.

On February 13, Germany also signed an agreement with the Iraqi government to provide a €500 million euro (over $521 million) credit facility to fund investments aimed at reconstructing Iraqi infrastructure damaged due to the war against ISIS.

The credit, which is the biggest yet to Iraq, came after German Chancellor Angela Merkel promised support to Iraqi Prime Minister Haider al-Abadi last year.

(NRT/Reuters)

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23 minutes ago, tigergorzow said:

Yota, Englishman, Thanks, DV,  That is one heck of a loan.  The British know the ROI will be huge.

GO RV!!

 

Yup, looks to me like a sound investment...just sayin 

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05-03-2017 11:57 AM
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An informed source said, on Sunday, Britain agree to lend Iraq $ 12 billion. 

He said the Iraqi Finance Ministry official told Reuters on Sunday that 'Britain has agreed to provide ten billion pounds [12.29 billion] in loans to Iraq in order to assist in the financing of important projects in the field of infrastructure. " 

He added that ' a formal declaration will be issued later in the day.'

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12 billion over 10 years. 1.2 billion a year plus interest. Britain must be very confident in Iraq to loan them that much money for such a short duration. Their confidence gives me confidence. Move that decimal point over three places to the left and I'll be the biggest believer EVER. 

Im not sure what I'm looking forward to more, the currency revaluation and becoming rich or the feeling of validation towards all of the naysayers over the las eight years. So looking forward to both

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2 hours ago, Tonygrasso said:

Im not sure what I'm looking forward to more, the currency revaluation and becoming rich or the feeling of validation towards all of the naysayers over the las eight years. So looking forward to both

I am so far beyond the naysayers because most of the folks I spoke of dinar to thought I was too insane to associate with. Not sure if that is just the dinar issue or what just sayin :lol: In fact when this goes down I'm not even going to mention one dang word of this to anyone. 

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IBBC-20140712-ADB-129-300x131.jpg

Guests of the IBBC’s Annual Cumberland Lodge Retreat

The Iraq Britain Business Council brings together business, trade and investment, for the benefit of the Republic of Iraq and its members.

It is a powerful network of some of the most important global corporations as well as key Iraqi and British companies and trade chambers and enjoys the highest-level of support from governments and the European Union.

Committed to a free, prosperous and diverse Iraq, IBBC has created extremely strong relationships to benefit business, industry and the people of Iraq. IBBC is fully supported in its goals by the Iraqi Government, and its National Investment Commission.

IBBC is more than a business initiator. It promotes best practice and international standards as well as transferring technology and know-how.

IBBC, funded privately by its members, operates through independent secretariats in London, Baghdad, Basrah and Erbil.

In addition to frequent Founder Members’ Board, bi-monthly Business Council, and Sector Table meetings, yearly IBBC Events include:

  • 2 major conferences in London.
  • 3 major conferences in Iraq.
  • An annual weekend retreat is held in locations including Cumberland Lodge in Windsor or Wilton Park, West Sussex, where invited speakers add to a discussion about a topic of relevance.
  • Round-table dinners and receptions – up to eight a year –  are held at venues including the House of Lords and London’s Reform Club.
  • Occasional seminars and study groups on subjects of high value  – such as the fight against corruption and the impact of the Bribery Act.
  • Frequent trade delegations are arranged, varying in location between Baghdad, Basrah and Erbil.
  • The IBBC attends and supports events organised by member companies including conferences from which reports are compiled and circulated.
  • The IBBC also frequently receives high level Iraqi delegations including senior ministers and officials.
  • In addition the IBBC regularly meets and is involved in round table discussions with UK Government ministries and bodies including the Foreign and Commonwealth Office, UKTI, UK Border Agency and Export Credit Finance.
  • Our work also includes taking up specific issues on behalf of member companies with senior British and Iraqi officials.

       http://www.webuildiraq.org/our-work/

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Aren't we supposed to be letting them put their big boy pants on???  Isn't loaning them so much money just keeping them from raising the value of their currency???  As long as Mom and Dad keep shucking out the money, the kids just keep hanging around waiting for them to bail them out of trouble.  They don't want to go out on their own.  Turn off the money faucet and that will make them move.  They will have no other choice.     :twocents:

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16 minutes ago, TexasMike1958 said:

Aren't we supposed to be letting them put their big boy pants on???  Isn't loaning them so much money just keeping them from raising the value of their currency???  As long as Mom and Dad keep shucking out the money, the kids just keep hanging around waiting for them to bail them out of trouble.  They don't want to go out on their own.  Turn off the money faucet and that will make them move.  They will have no other choice.     :twocents:

While I'm certainly no economist I have read that they need to get loans in order to raise their credit rating. Very similar to how you and I would build credit. The good news is that any nation knows full well that loaning money out to another nation which may not pay you back is a recipe for disaster. 

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35 minutes ago, TexasMike1958 said:

Aren't we supposed to be letting them put their big boy pants on???  Isn't loaning them so much money just keeping them from raising the value of their currency???  As long as Mom and Dad keep shucking out the money, the kids just keep hanging around waiting for them to bail them out of trouble.  They don't want to go out on their own.  Turn off the money faucet and that will make them move.  They will have no other choice.     :twocents:

Mike....I kinda look at it as being a positive thing. Great faith is being shown for their future!  Somewhat like 'priming the pump' for their economy.  And, you can bet your bottom :twocents:  that this is anything but an interest free loan!.....................<_<

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16 minutes ago, chess said:

Mike....I kinda look at it as being a positive thing. Great faith is being shown for their future!  Somewhat like 'priming the pump' for their economy.  And, you can bet your bottom :twocents:  that this is anything but an interest free loan!.....................<_<

How many times have they gotten loans from different countries along with the IMF???  Don't you think their pump is primed enough???  Time to turn on the faucet and see results.

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46 minutes ago, TexasMike1958 said:

Aren't we supposed to be letting them put their big boy pants on???  Isn't loaning them so much money just keeping them from raising the value of their currency???  As long as Mom and Dad keep shucking out the money, the kids just keep hanging around waiting for them to bail them out of trouble.  They don't want to go out on their own.  Turn off the money faucet and that will make them move.  They will have no other choice.     :twocents:

TexasMike, you ask a question about Iraq borrowing money an their huge debt. There is no telling what you think of the good ole USA an their enormous debt...Borrowing an doing loans is just part of doing business weather it's for buying a car, house or rebuilding a countries infrastructure. 

It appears not only the IMF thinks Iraq is a pretty good investment but so does England, Japan, Germany, Switherzerland an many others. I've invested about 20k myself in this war torn, corrupt an baldly in debt country. If I'm feeling pretty good right now about my little bit of investment can you imagine how England, Japan, Germany etc. must be feeling about their investment about now...

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5 minutes ago, NoviceInvestor said:

$12 Billion agreed loan from Britain and an $18 Billion dollar agreed loan from the IMF in the news last week...

What will the coming weeks bring???

More loans to boost the credit rating and the RV " in the coming days bode well " - soon  :rocking-chair:

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IRAQ TO GET $12.3BLN LOAN FOR BRITISH CONTRACTS
Iraq, March 6, 2017
Britain has agreed to arrange 10 billion pounds ($12.3 billion)in loans to finance infrastructure projects in Iraq over a 10 year period, Iraqi Acting Finance Minister Abdul Razzak al-Essa said on Sunday. 

Only British companies can be contracted to carry out projects funded by these loans, he told a news conference in Baghdad. 'The interest rate on the loans should be determined by the British companies,' he said. 'This loan is exclusively allocated to British companies.' 

ADVERTISINGinRead invented by Teads The two countries agreed to sign a memorandum of understanding that will serve as a framework to provide funds to specific projects during this period, the finance ministry said earlier in a statement. 'The aim of the loan is to finance infrastructure projects including water and sewage, over a period of 10 years,' it said. 

Britain is a main partner in the U.S.-led coalition helping Iraq defeat Islamic State, the hardline Sunni group that overran about a third of the country in 2014. 

Fourteen years after the U.S.-led invasion that toppled Saddam Hussein, the country still suffers from poor electricity and water supplies and a shortage of schools and hospitals, while existing facilities are neglected. 

The oil-rich country is also plagued by corruption that eats away at its crude sales income. Government finances have been further weakened after 2014 when oil prices collapsed. 

The fall in oil prices happened with the launch of Islamic State's offensive across Iraq which set off a new wave of sectarian violence, displacing more than three million people. 

U.S.-backed Iraqi forces pushed the militants back and are besieging them now in their last major urban stronghold, on the western side of the city of Mosul, in northern Iraq. 

($1 = 0.8134 pounds) 

zawya
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  • yota691 changed the title to London provided 10 billion pounds to develop infrastructure

London provided 10 billion pounds to develop infrastructure

   
 

 
 

05/8/2017 12:00 am 
 
Economic Forum in Baghdad hosted the British Ambassador 
Baghdad / Hussein Thogb 
The Iraqi Economic Council recently held an economic seminar hosted by British Ambassador to Baghdad Frank Baker to discuss the reality of economic cooperation between Iraq and Britain. 
The meeting was opened by the head of the Economic Council Ibrahim al-Baghdadi al-Massoudi, who said that Britain was one of the countries that offered and still supports Iraq. He said that the Iraqis managed to achieve successive victories over the terrorist "calling" and liberating Mosul and other cities where there was blind terrorism. 
Al-Baghdadi explained that cooperation with Britain includes a number of important aspects, including the economic aspect, there is great cooperation at the governmental level between the two countries, as well as economic cooperation witnessed by relations between British and Iraqi companies. 
He pointed out that a few weeks ago, the Iraqi Embassy in London held an important economic conference under the title (Trade and Investment in Iraq) was intended to discuss the investment projects available in Iraq, noting that Britain provided Iraq a loan of 10 billion pounds, 10 years to develop infrastructure in Iraq. 
In turn, the British ambassador in Baghdad, Frank Baker, congratulated the Iraqis on the liberation of Mosul and the courage and valor of the security forces. 
He stressed that the Iraqi Economic Council and a number of decent organizations will have a significant role and important in the next phase, calling on Iraqis to work on the diversity and diversity of sources of national income, noting that Iraq has a range of natural resources and can be useful to benefit. 
Baker stressed the need for concerted efforts to restore the Iraqi national industry for the past, and provide jobs and give a role to promote the service sector in the country, and talked about the mechanism of entering into projects and subcontracts through the financing of the British loan initiative. 
For his part, Advisor to the Ministry of Foreign Affairs Ihsan al-Awadi said that the United Kingdom has provided significant support in the development of oil, gas and electricity sectors, adding that his ministry is working to facilitate the task of entry of British investment companies to Iraq. 
The member of the Finance Committee, Parliament Haitham Jubouri: This initiative has a great interest from the Iraqi side, calling for a working partnership between the Iraqi and British private sector and be active participation and we expect from Britain an important role in the reconstruction of liberated areas and attention to the humanitarian file of the displaced because of its importance Especially after the file has been a failure at the level of international humanitarian organizations.        
   The former Minister of Industry, Mohammed Al-Darraji, said that the loan, which will be provided by Britain, is a credit memo for Iraq to obtain the loan amount of 10 billion pounds from the so-called (UKKAF) British Lending and Export support Fund to be at least 30 And the loan will be spent on infrastructure projects to be agreed between Iraq and Britain, indicating that British and international companies can not work in Iraq without being with local companies from the private sector.  
Iraq signed a contract with Britain earlier to finance infrastructure projects, including water, sewage, roads, bridges and hospitals. 
When opening the door of the interventions in the symposium, Engineer Laila Abdul Latif (Minister of Labor and Social Affairs) pointed out that any investment project needs a safe environment, stressing the need to benefit from the energies of half the society through the employment of women and the allocation of the amount of the loan to productive women. 
In turn, a member of the Board of Directors of the Iraqi Contractors Union Naim Kazem Hassan the possibility of a relationship of cooperation between Iraqi companies and their British counterpart through the secondary contracts and provide logistical support to work in Iraq if necessary. 
A member of the Center for Investment and Reconstruction Qais al-Wazzan said that many 
projects were suffering from 
problems in the system of management and financial corruption, bureaucracy and routine, calling to be overcome all this in such projects. In turn, a member of the Board of Directors of the Iraqi Contractors Union Naim Kazem Hassan the possibility of a relationship of cooperation between Iraqi companies and their British counterpart through the secondary contracts and provide logistical support to work in Iraq if necessary. A member of the Center for Investment and Reconstruction Qais al-Wazzan said that many projects were suffering from problems in the system of management and financial corruption, bureaucracy and routine, calling to be overcome all this in such projects. In turn, a member of the Board of Directors of the Iraqi Contractors Union Naim Kazem Hassan the possibility of a relationship of cooperation between Iraqi companies and their British counterpart through the secondary contracts and provide logistical support to work in Iraq if necessary. A member of the Center for Investment and Reconstruction Qais al-Wazzan said that many projects were suffering from problems in the system of management and financial corruption, bureaucracy and routine, calling to be overcome all this in such projects.
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