Jabr Summarized the details of the agreement which was signed between the Iraqi Ministries of Industry and Finance and the American side, saying that the Ministry of Finance will provide initial facilitated loans, through government banks, that reach a total value of six million dollars to help ten plants belonging to the Ministry of Industry for the rehabilitation of their production lines to expand the productive capacity of these plants.
Jabr said that the American role in this process would be "attracting investors who showed their willingness to buy the produced goods at good prices and profitable manner; this has encouraged Iraqi government banks to provide loans to these plants".
He added: "the problem that was facing the process of expanding the production capacity of these plants was finding markets for their products".
Jabr said that the loans provided by the banks will be "facilitated interest rate debt service to no more than four 14 %".
Iraqi Minister of Industry, Fawzi Hariri, said that the agreement would cover "factories and companies which are mostly working at the present time but their production capacity range between 15 to 25%; our ambition is to upgrade their capacities to 80 % of the production and more, and develop them in a modern way suiting the twenty-first century and the sophisticated technology".
He said that such a step "in spite of being modest, it is considered a first step and a successful beginning of an integrated project that will take a year".
Brinkli said that the agreement seeks to "provide ways for cooperation between the industrial sectors in Iraq and the international community, and finding ways of cooperation between Iraqi businessmen and their counterparts in the international community and the United States". (Source)AlSabah