China agrees to write off 80% of Iraq's debt
. China has agreed to write off 80 percent of Iraq's debt, amounting to 8.47 billion dollars for the crowned by an agreement in principle entered into more than two years. This agreement comes after an increase of Chinese imports of Iraqi crude oil and also in the aspiration of the Chinese companies working in oil companies such as CNN. that. me. C to win contracts to develop vast oil reserves in Iraq.
م. Said Hassan al-Haidari, an adviser to the Central Bank of the deal are similar to those agreements that were reached with the Paris Club of creditor nations, under which to write off 80 percent of the debt that dates back to the reign of Saddam.
و. She said the Iraqi Finance Ministry in a statement that the Iraqi finance officials have agreed to the conditions in Beijing this month and the final signature of this Convention will be held in December. وأ. Haidari said that the deal include the write-off of Iraq's debt owed to the companies, the Chinese government and is expected to encourage Chinese enterprises to participate in the reconstruction of Iraq, though it will cause in favor of these companies when it comes to investment bids.