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Iran to offer $1B credit line for Iraq's economic projects

TEHRAN, Aug. 23 (Mehr News Agency) - Iran intends to establish a $1b credit line in Iraq to encourage investment and participation in the country's major economic projects. The conditions on how to use the funds are yet to be elaborated and specified, general manager of International Relations Office at Iran's Ministry of Industries and Mines announced on Wednesday.

"Aziz Jaffar Hassan, financial advisor to Iraq's vice-president, was in Tehran this week to discuss the terms and conditions of such an agreement with Mohsen Shaterzadeh, the ministry's economic deputy. Both sides endorsed a draft for common projects in the neighboring country," Ghader Soleimani added.

A joint special committee of top ranking experts and advisors from both countries are to follow up on Iran's proposed projects in Iraq and the committee is to have one meeting every six months alternately in Tehran and Baghdad.

Hospital and road construction, medical equipment, poultry, tile, electricity transfer lines, construction and renovation of power plants, communications, mining, ship repair and other industrial activities are among the sectors of interest to Iranian side, he said.

... Payvand News - 8/23/06 ... --

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