WASHINGTON, Iraq will be able to access up to USD 1 billion in low-cost financing from international capital markets after it signed a sovereign loan guarantee agreement with the US on Thursday.
The loan guarantee is in accordance with President Barack Obama's pledge at the May 2016 G7 Summit and "underscores the enduring US commitment to support Iraq," particularly amid the fight against the so-called Islamic State, the State Department said.
While addressing a humanitarian crisis, the loan also supports important economic and institutional reforms, reinforcing Iraq's work with the International Monetary Fund (IMF) on this goal.
Iraq will be able to benefit from the US sovereign loan "after specific legal requirements and policy considerations have been concluded," it added.
Source: NAM NEWS NETWORK