Parliamentary services: the Iraqi economic interest and service for generations is achieved in the C

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[size=52]Parliamentary services: the Iraqi economic interest and service for generations is achieved in the Chinese agreement[/size]

[size=45]The Parliamentary Services Committee considered today, Tuesday, that "the Iraqi economic interest and service of generations" is achieved in the Chinese agreement, stressing that its opinion of the agreement came after reading "examining" its terms and verifying the reputation of the names of companies and banks that included them.
The head of the Services and Reconstruction Committee, MP Walid Al-Sahlani, said in a press conference held today, in the presence of the members of the committee, that “the Iraqi government has begun implementing the China-oil agreement, while the demands of peaceful philanthropists from the Iraqi people continue to be necessary to reform and advance the economic reality of the country,” explaining that “the country It will pay off perfectly in the coming years. ”
[size=45]Al-Sahlani attributed this to the following reasons: - The agreement fund includes coverage of projects (airports, building schools, paving of external roads, railways, building housing complexes, infrastructure projects, energy and analysis projects, pollution treatment in the Tigris and Euphrates, Shatt al-Arab and any other projects as requested by the government If the cost of a project is 1, one million dollars, it will be taken from the fund, which is 850 million dollars from China and 150 million dollars from Iraqi oil sales.[/size]
[size=45]- The agreement is without penal terms and it is included in the friendship agreements. In the event of a dispute, international arbitration bodies are to resort to settling it.[/size]
[size=45]- The China Fund for Reconstruction is supervised by the Iraqi party and a guarantor investment company chosen by the Central Bank from among 5 international companies.[/size]
[size=45]The agreement is guaranteed by the Chinese party through the China Insurance Corporation, Sino Shore, a top government organization.[/size]
[size=45]- The revenues of 100 thousand barrels per day of the oil sold to China are reserved, specifically for the Chinese (Zinhua and Sinoc) national companies, and its revenues shall be placed in the Iraqi-Chinese fund.[/size]
[size=45]- Chinese banks' credit limit for the Iraqi fund, valued at $ 10 million, with interest subsidized by the Chinese government.[/size]
[size=45]- If the first package of projects succeeds and Iraq desires to increase investments, the Iraqi oil sales ceiling will be raised to 300,000 barrels per day, and China will increase the ceiling of assumptions to 30 billion, which will push China to provide its best energies in the first package.[/size]
[size=45]- The amount is deposited in a bank (Citibank), then the bank transfers the account to the American Federal Reserve Bank in New York, which oversees the total Iraqi oil sales, and then transfers it to a new account called (investment account) the investment account.[/size]
[size=45]- A repay account, debt services account, is created to support the interest rate and deducts its amounts from the investment account.[/size]
[size=45]- The Council of Ministers selects the projects and signs the one-time contract. An example is signed for building 2000 schools with an open contract called (open contract).[/size]
[size=45]- The deposit of Iraqi oil money started on 1/10/2019[/size]
[size=45]And accumulated an amount of half a billion dollars, which is increasing with the readiness of China to deposit an amount of 10 billion dollars.[/size]
[size=45]- Iraq has the right to choose international European and American companies to be a partner with China according to the type of project, and after our careful reading of the terms of the agreement and we have verified the reputation of the names of companies and banks included in the terms of the agreement, we found it to achieve the Iraqi economic interest.[/size]
[size=45]Al-Sahlani pointed out that “Iraq’s security and political events delayed the signing of the first draft of the agreement,” calling on everyone “especially those concerned with imposing stability and working to achieve peace in the Iraqi street, as a guarantee to start implementing the expected projects and serve future generations of the Iraqi people.[/size]


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