Egypt, Iraq Team up to Establish Oil-for-Reconstruction Mechanism

  • Date: 03-Nov-2020
  • Source: Al Bawaba
  • Sector:Oil & Gas
  • Country:Egypt
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Egypt, Iraq Team up to Establish Oil-for-Reconstruction Mechanism

The two countries have signed 15 agreements, programs, and protocols in the fields of transport, water resources, health, the environment, justice, investment, housing, construction, industry, trade, and finance.

Egyptian Prime Minister Mostafa Madbouly told a meeting in Baghdad that companies would carry out development projects in return for oil.

He said the agreement would boost bilateral cooperation and enhance the pace of development in Iraq, and that the two nations had great production and export potential.

The meeting of the Egyptian-Iraqi Higher Committee also heard that there was a need to increase the volume and value of intra-trade and to remove all obstacles in the flow of goods between the two countries.

The prime minister said that the role of Arab Bridge Maritime, a commercial company founded by Egypt, Iraq, and Jordan in 1985,