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Germany promises Iraq 500 mln euros to help rebuild infrastructure, tackle finances

Xinhua, February 12, 2016 Adjust font size:

German Chancellor Angela Merkel announced on Thursday 500 million euros (567.53 million U.S. dollars) in credits to Iraq to help it rebuild infrastructure and tackle financial challenges due to weak oil prices.

"Germany will make all efforts to help stabilize Iraq given its huge security challenges, and above all the economic challenges. Falling and low oil prices are a big issue for the budget of Iraq," said Merkel after talks with visiting Iraqi Prime Minister Haider al-Abadi.

Addressing the refugee crisis in Europe, Merkel said that granting credits would also "give the Iraqi people a hope for their own lives so that they don't have to leave their country."

The credits would help Iraq to implement stabilization projects in order to give the country's about 3 million internally displaced persons the opportunity to return to their original home areas, said Abadi.

"That would lead to reduction of internal flights and escapes to European countries. No country wants to lose his middle class and its citizens," he added.

Abadi also called on Germany to invest more in Iraq and share expertise on economic reforms. Enditem