Germany to offer USD 566mn in credits to Iraq

13 Feb 2016

(MENAFN) Germany will offer USD 566mn worth of credit to Iraq in order to help it with the sharp downturn in global oil prices and its will do it best.

Furthermore, Germany will stabilize Iraq with big security and economic
challenges, emphasizing the impact of weak oil prices on the Iraqi budget.

Accordingly, Germany had not earmarked the credits for any purpose but it cleared Iraq needed to reconstruct its war-shattered infrastructure.

Iraq’s income comes from oil sales, is facing challenges to pay bills, while the 2016 budget projects reached USD 20.45bn deficit financed by help from global organizations.

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