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«Oil for reconstruction» new Iraqi-Chinese agreement
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Economy News - Baghdad
The Iraqi delegation's visit to China resulted in the signing of eight agreements and memorandums of understanding between the Iraqi and Chinese governments in Beijing on Monday.
The most prominent of these agreements was the "Arithmetic Credit" agreement, which guarantees oil for reconstruction, and was signed on the sidelines of the World Industrialization Conference in the city of "Hefei" Chinese.
Under the agreement, 100,000 barrels per day will be deducted to China, in return for Chinese companies implementing strategic projects such as roads, railways, hospitals, schools, housing complexes, ports, energy, dams, infrastructure and others.
Iraq is counting through the "oil for reconstruction" agreement to rebuild its cities in a record period, and accelerate the wheel of development, reconstruction and construction.
China attaches great importance to its relations with Iraq, considering it a "strategic and essential partner in the Middle East."
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