Iraq is borrowing from Germany 275 million euros for the reconstruction of liberated areas

Iraq is borrowing from Germany 275 million euros for the reconstruction of liberated areas


 
05/07/2018

Economy News _ Baghdad

The Iraqi government signed two agreements with the German government to set up service projects within the German loan in liberated areas.

"The signing was preceded by a meeting of the German-Iraqi Steering Committee, chaired by the Secretary General of the Council of Ministers Mahdi Al-Alak and the German Ambassador Suel Nan, in the presence of a German delegation, the President of the Reconstruction Fund for Iraq, Mustapha Al-Hiti and Turhan Mufti Secretary of the Supreme Commission for Coordination between the provinces, discussed the most important items of the two conventions, and projects that can be initiated after the signing, in order to accelerate the return of displaced persons to their areas of residence.

He pointed out that "the two conventions come within the project of the German Development Bank to support the efforts of the Iraqi government in the reconstruction of liberated areas, providing for the allocation of 135 million euros for urgent projects in the rehabilitation of roads and bridges and networks and water stations, and also in the rehabilitation of electricity networks in Nineveh, Anbar and Salahuddin provinces, Reconstruction of Al-Muthanna Bridge in Mosul, and the establishment of a hospital for the wounded and the disabled as a result of the war on the organization calling the terrorist in the capital Baghdad, and two other hospitals in the liberated areas, including a modern modern hospital.

According to the statement, "the second phase of the German loan will focus on the allocation of 140 million euros to add new power plants for the Ministry of Electricity, to improve energy levels."

http://economy-news.net/content.php?id=12828

Why not just revalue the currency instead of borrowing monies from Germany?

I guess because there is never going to be a revalue of the dinar.  Only a redenomination.