Iraq plans to issue $5b in bonds to finance projects

Iraq, holder of the world’s third-largest oil reserves, may sell about $5 billion (Dh18.35 billion) in bonds to finance infrastructure projects including construction of power plants and water-supply facilities, a government spokesman said.

The government approved a proposal to sell debt and is awaiting a positive response from parliament, Baghdad-based spokesman Ali Al Dabbagh said by telephone on Sunday.

Iraq depends on oil revenue for most of its income and is trying to increase production and sales. The country needs cash to rebuild its infrastructure following six years of conflict and, before that, economic sanctions.
GulfNews