Prospectus showed that Iraq would seek $ 500 million from the Islamic Development Bank in Jeddah loans to assist in the expected deficit in the step coverage culminate in the return of the country to the international debt market.
Baghdad is seeking to raise up to six billion dollars through a series of bond issuance denominated in US dollars, the first to Iraq since nine years to finance the salaries as well as infrastructure in the oil, gas, electricity and transport sectors projects.
The prospectus said that the country's federal budget for 2015 authorizes the Ministry of Finance to request additional funding from sources including the Islamic Development Bank.
She added that $ 225 million will be used in the development and renewal of major trade corridor linking Iraq to neighboring countries.
A spokesman for the Islamic Development Bank, said the bank had approved the funding in October / October 2013 and that he held talks with officials of the Iraqi government in May / May this year to discuss ways of cooperation.
"It is expected to support the Islamic Development Bank Group [Bank and the private sector arm and the arm of insurance and trade finance arm] public and private sectors through project and trade finance."
It showed a prospectus to issue an international sovereign bond yesterday that economic activity in Iraq shrank 6.7 percent in the first quarter of the year compared with the same period last year.
Iraqi state and relies on building the annual financial budget by about 90% on imports of the source of oil, and the resulting decline in crude prices since the middle of last year to a significant decline in Iraq's resources reaching its budget in 2015 about $ 100 billion deficit expected up to 25%, prompting the government to put up Treasury bonds worth $ 6 billion and borrowing from the International Monetary Fund about $ 1.2 billion, an attempt to reduce this deficit with the continued decline Alasar.anthy
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