Saudi Arabia, Iraq to Establish $3 Bln Joint Fund

Gulf

April 1st, 7:34am

Riyadh - Asharq Al-Awsat

Several agreements were signed between Saudi Arabia and Iraq during Iraqi Prime Minister Mustafa Al-Kadhimi's visit to Riyadh. (SPA)

Saudi Arabia and Iraq agreed to establish a joint fund, with an estimated capital of $3 billion dollars, as a contribution from the Kingdom in promoting investment in Iraq's economic fields, said a joint statement on Wednesday. The joint fund will be for the "benefit of the Saudi and Iraqi economies, with the participation of the private sector from both sides," the statement added. Saudi Crown Prince Mohammed bin Salman and Iraqi Prime Minister Mustafa Al-Kadhimi also agreed during their talks in Riyadh on the need for their countries to continue coordinating in confronting extremism and terrorism. They also agreed to complete the electrical interconnection project. The statement said Saudi Arabia and Iraq further agreed to continue cooperation within the Organization of Petroleum Exporting Countries (OPEC) and with full commitment to the requirements of the OPEC+ agreement. During the talks, the Crown Prince and Kadhimi “exchanged views on regional and international issues of concern to both countries, in a way that contributes to supporting and enhancing security and stability in the region and the world,” the joint statement added. Saudi Arabia and Iraq signed several agreements on Wednesday.

from Asharq AL-awsat https://english.aawsat.com/home/article/2893911/saudi-arabia-iraq-establish-3-bln-joint-fund