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Iran offers $3 bn credit line for Iraq's rebuilding

IANS  |  Tehran 

is ready to allocate a credit line of $3 billion for Iraq's post-war reconstruction, said on Saturday.

The credit line will be given so that "Iranian companies and its private sector can have a more serious cooperation in rebuilding Iraq," quoted Iran's as saying.

Jahangiri called for increasing economic relations between and in oil, gas and power sectors, in addition to cultural ties and pilgrimage tours.

"We must make efforts to increase the level of bilateral economic trade to above $7 billion," he said.

Jahangiri also demanded the removal of banking problems and bureaucratic barriers.

According to the report, Ali Salehabadi, the of Export Development of Iran, announced in February that his would soon open a credit line of 18 million dollars with an Iraqi to expand Iran's exports to the Arab country.

"If other Iraqi banks meet the capital adequacy ratio, we are ready to allocate more lines of credit to the country," Salehabadi said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, March 11 2018. 04:24 IST