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ITALY GRANTS $600M LOAN TO IRAQ

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Bianca
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« on: November 01, 2007, 02:27:38 pm »








                                          Italy grants $600m loan to Iraq
 
 
 
 
(MENAFN) The Iraqi Finance Minister announced that Italy has granted Iraq a $600 million easy-term loan in order to help in the reconstruction efforts, Iraq Directory reported.

He indicated that he signed an agreement with the Italian Foreign Ministry on the new loan in Rome. He said the loan will go toward financing Iraqi farmers and the agriculture sector. The state-run Iraqi Trade Bank will handle the loan, he added

Part of the loan will be providing Italian made tractors, harvesters and other agricultural equipment to Iraqi farmers, he said.

He said the interest payable on the loan is 0.04 percent and Italy will write off 50% of the loan once Iraq starts paying back the loan.


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