Iran offers $3 bn credit line for Iraq’s rebuilding

Tehran: Iran is ready to allocate a credit line of $3 billion for Iraq’s post-war reconstruction, media reports said on Saturday.

The credit line will be given so that “Iranian companies and its private sector can have a more serious cooperation in rebuilding Iraq,” Xinhua quoted Iran’s first Vice President Eshaq Jahangiri as saying.

Jahangiri called for increasing economic relations between Iran and Iraq in oil, gas and power sectors, in addition to cultural ties and pilgrimage tours.

“We must make efforts to increase the level of bilateral economic trade to above $7 billion,” he said.

Jahangiri also demanded the removal of banking problems and bureaucratic barriers.

According to the report, Ali Salehabadi, the chief executive officer of Export Development Bank of Iran, announced in February that his bank would soon open a credit line of 18 million dollars with an Iraqi bank to expand Iran’s exports to the Arab country.

“If other Iraqi banks meet the capital adequacy ratio, we are ready to allocate more lines of credit to the country,” Salehabadi said.

—IANS