$3bn joint fund mooted as Saudi Arabia, Iraq seek to strengthen ties

$3bn joint fund mooted as Saudi Arabia, Iraq seek to strengthen ties

RIYADH — Saudi Arabia and Iraq have decided to set up a joint fund estimated at $3 billion as a contribution from Saudi Arabia in promoting investment in Iraq's economic fields for the benefit of the Saudi and Iraqi economies with the participation of the private sector on both sides, according to a joint statement.Both sides have also agreed to do the following:— Cooperation in the fields of energy and renewable energy and activating and accelerating the joint action plan under the umbrella of the Saudi-Iraqi Coordination Council, with the need to continue cooperation and coordination within the scope of work of OPEC and OPEC+ in a way that guarantees the stability of the global oil markets.— The completion of the electrical interconnection project due to its importance for the two countries.— Enhancing coordination in the field of mutual support and support within the framework of multilateral diplomacy.— Enhancing investment opportunities for Saudi companies and calling them to expand their activities in Iraq and in various fields and in the