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Government consultant: The agreement with China set a ceiling of 10 billion dollars

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Government consultant: The agreement with China set a ceiling of 10 billion dollars

Editing Date: 12/22/2019 14:04 • 199 times read

{Baghdad: Al Furat News}
The advisor in the Council of Ministers, Mazhar Muhammad Salih, announced that the agreement with the China Export Guarantee Corporation was fixed with a ceiling of $10 billion that can be increased.

Saleh said in a study published on the website, "The Iraqi Economists Network, in order to improve the Iraqi infrastructure. The ceiling of the agreement with the China Export Guarantee Corporation was set at about $10 billion, which can be increased, and that the term of the agreement is about 20 years."

He added, "Crude oil will be exported to the two Chinese companies for the purposes of implementing the agreement at a rate of 100 thousand barrels per day at international prices. Then the export earnings will be deposited in dollars in an introduction account called settlement account after downloading compensation for the war of Kuwait with the Federal Reserve Bank in New York and then transfer the net money in the end to the investment account In return for interest for Iraq if the deposits remain in that account without withdrawal.

He stressed that "the annual returns are estimated at about two billion dollars and according to the current oil prices, and Chinese companies, upon the desire of Iraq and its annual federal budget, implement projects of infrastructure or strategy that Iraq chooses and according to international competitive standards and prices and start implementing them."

Iraq and China had signed during the visit of the "resigned" government delegation headed by Prime Minister Adel Abdul Mahdi at the end of last September, and for several days they continued agreements and memoranda of understanding in the financial, commercial and security fields, construction, communications, culture, education and foreign affairs.

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