Egypt, Iraq Probe ‘Oil-for-Development’ Agreement

Minister of International Cooperation Dr. Rania Al-Mashat and Iraq’s Minister of Planning Khaled Battal discussed on Friday the development of relations between the two countries and the results of the joint Egyptian-Iraqi Higher Committee which was held in October to strengthen economic diplomacy.

The two countries agreed on the ‘oil-for-development’ agreement, where Egyptian companies would implement development projects, particularly in infrastructure and reconstruction in return for oil, the International Cooperation Ministry said in a statement.

Al-Mashat said that Egypt has a successful experience in infrastructure model diplomacy and generational funds and that the Ministry is committed to strengthening economic diplomacy to deepen the mutual understanding between the two countries and accelerate the pace of development in both countries.

[caption id="attachment_185865" align="aligncenter" width="1024"] Egypt, Iraq Probe ‘Oil-for-Development’ Agreement[/caption]

The two countries are also aiming to increase the volume of intra-trade and remove any obstacles in the flow of export goods between the two countries.

Al-Mashat referred to the most prominent areas of cooperation, foremost of which is the ‘oil-for-development’ agreement to benefit from the Egyptian experience in the field of social housing and the establishment of joint companies for chemical industries.

The minister stressed that the Ministry of International Cooperation is committed to work with all parties in the development and ensure continuous communication to accelerate the pace of implementation of the decisions of the third session of the Joint Egyptian-Iraqi High Committee.

On his part, Battal underscored the value of Egyptian-Iraqi relations and Iraq’s aspiration to strengthen cooperation, adding that Iraq is currently working on implementing what has been agreed upon during the work of the Joint High Committee and that the ‘oil for development’ agreement with Egypt is currently being formulated and developed, and it will be completed soon.

[caption id="attachment_185866" align="aligncenter" width="1024"] The Iraqi Minister Gifts Dr. Rania Al-Mashat[/caption]

During the meeting, the two ministers discussed several other areas of cooperation, including cooperation in the field of digital transformation in light of the COVID-19 pandemic, and joint cooperation and coordination in tripartite cooperation projects in the fields of energy, electricity, and oil to maximize the mutual benefit between the two countries, which contribute to achieving economic development.

The Egyptian-Iraqi Joint High Committee was held in October of this year and witnessed the signing of 15 documents in various fields to enhance cooperation between the two sides, and the organization of an economic and commercial forum with the participation of the heads of the federation of chambers, trade and concerned ministers from both sides.