World Economy

IDB to Loan Iraq $3b

IDB to Loan Iraq $3bIDB to Loan Iraq $3b

The Islamic Development Bank has given its initial agreement to provide $3 billion in easy loans and grants to cash-strapped Iraq after a similar measure was announced by the International Monetary Fund this month, Albawaba reported. The Islamic bank’s loan is aimed at helping Iraq cope with a sharp decline in oil revenue, a central bank spokesman in Baghdad said in an email. Iraq earlier this month reached agreement on a $5.4 billion standby loan with the IMF. Finance Minister Hoshyar Zebari announced the agreement on May 19, saying the IMF loans could unlock $15 billion more in international assistance over the next three years.