Iran Offers $3bn LOC for Iraq Reconstruction

By John Lee.

Iran’s First Vice President, Es’haq Jahangiri, has said Iran is ready to provide Iraq with a line of credit (LOC) of “up to” three billion dollars to pave the way for the Iranian private sector’s active participation in the reconstruction of the country.

According to Iran’s PressTV, he made the statement at a meeting with Iraqi Prime Minister Haider al-Abadi in Baghdad, saying the two sides should work to remove the restrictions in bilateral banking relations, which he said is the main obstacle to closer trade ties between the two nations.

He also emphasised the need to connect Iran’s and Iraq’s railways, saying the route will enable Iraq to have access to the Central Asia and China and link Iran’s railway to the Mediterranean.

(Source: PressTV)

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