Egypt, Iraq initially agree on importance of establishing oil-for-reconstruction mechanism: PM Madbouly

Egypt, Iraq initially agree on importance of establishing oil-for-reconstruction mechanism: PM Madbouly

Egypt and Iraq have initially agreed on the importance of establishing an oil-for-reconstruction mechanism, under which Egyptian companies are to implement developmental ventures in Baghdad in return for providing Cairo with quantities of oil, according to Egyptian Prime Minister Mostafa Madbouly.

Addressing the Egyptian-Iraqi high committee meeting held in Baghdad on Saturday, Madbouly praised "what was initially agreed upon concerning the importance of establishing an oil-for-reconstruction mechanism," which he added would contribute to double cooperation between both countries.

Accompanied by a high-level ministerial delegation, the Egyptian PM arrived in the Iraqi capital earlier today to co-chair the meetings of the high committee with his Iraqi counterpart Mostafa Al-Kadhimi.

According to a cabinet statement, Madbouly told the Iraqi side that the Egyptian construction companies are ready to help reconstruct