China invested 10.5 billion dollars in Iraq in 2021
Mesopotamia was the main target of the “Belt and Road” infrastructure initiative.
agencies Wednesday February 2, 2022 16:08
China is cooperating with Iraq to build a heavy fuel station in Karbala (AFP)
A study published on Wednesday, February 2, reported that Iraq was the main target of the Chinese " Belt and Road " infrastructure initiative in 2021, as it received $10.5 billion in funding for projects that include heavy oil power plants.
In total, China's investment through investment and cooperation in the 144 countries covered by the initiative amounted to $59.5 billion, without much change from $60.5 billion in 2020, according to a report by the Center for Green Finance and Development at Fudan University in Shanghai .
The study said that investments in Arab countries and the Middle East increased last year by 360 percent, and construction projects by 116 percent, compared to 2020.
The study added that Iraq, in which the United States ended its military operations last year, has become the third largest partner in the initiative in energy projects since 2013 after Pakistan and Russia.
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China is cooperating with Iraq to build the Al-Khairat heavy fuel station in Karbala Governorate, and the Chinese "Sinopec" company won a contract to develop the Iraqi Mansouriya natural gas field near the border with Iran.
The two countries are also cooperating to build an airport, a solar power plant and other projects.
China launched the Belt and Road Initiative in 2013 to strengthen trade links with the rest of the world, and has spent a lot on infrastructure development in dozens of countries worldwide.
But critics say China's financing is often undesirable and lacks transparency, and makes some of the poorest countries, especially in Africa, dependent on China through debt.