Iraq and China to sign massive financing deal

Imminent agreement will provide some $10 billion in credit for companies to invest, super-charging China's involvement in the Iraqi economy.
Officials from the Iraqi Oil Ministry and the China ZhenHua Oil Company sign a contract to develop part of the East Baghdad oil field on May 23, 2018 - one of Iraq's many energy projects involving Chinese companies. (Photo credit: Oil Ministry media office)

BAGHDAD - Iraq and China are set to finalize a major bilateral agreement that would give investors access to roughly $10 billion worth of financing.

The deal is likely to accelerate the pace and widen the breadth of China's involvement in the Iraqi economy, including the energy sector, and provide money needed for reconstruction and infrastructure projects that cannot be funded by the Iraqi budget alone.

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