The Parliamentary Services Committee revealed important details about the trade agreement between Iraq and China, announcing its position on the agreement.
“The children of our Iraqi people, while the demands of the peaceful and benevolent among the Iraqi people continue to need reform and advancing the economic reality of the country, the Iraqi government has embarked on the implementation of the China-oil agreement, which we believe the country will reap its fruits in an excellent manner in the next years,” the committee said in a statement during a press conference held in the parliament building today. for the following reasons:
– Fund agreement includes coverage of projects (airports, building schools, paving of roads, railways, construction of residential complexes, infrastructure projects, energy projects and analysis, treatment of pollution in the Tigris and Euphrates and the Shatt al – Arab and any Other projects by the Iraqi government asked if the cost of a project 1 and one million dollars taken from the fund actually $ 850 million from China and $ 150 million from Iraqi oil sales.
– The Convention is penal conditions and fall within the friendship agreements and in the event of a dispute are resorting to International arbitration bodies to decide.
– The China Fund for Reconstruction is supervised by the Iraqi party and a guarantor investment company chosen by the Central Bank from among 5 international companies
.
– The revenues of 100 thousand barrels per day of the oil sold to China are reserved, specifically for the Chinese (Zinhua and Sinoc) national companies, and its revenues shall be placed in the Iraqi-Chinese fund.
– The ceiling of Chinese banks’ credit for the Iraqi fund, at a value of $ 10 million, with interest subsidized by the Chinese government.
– If the first package of projects succeeds and Iraq desires to increase investments, the Iraqi oil sales ceiling will be raised to 300,000 barrels per day, and China will increase the ceiling of assumptions to 30 billion, which will push China to provide its best energies in the first package.
– The amount is deposited in a bank (Citibank), then the bank transfers the account to the American Federal Reserve Bank in New York, which oversees the total Iraqi oil sales, and then transfers it to a new account called (investment account) the investment account.
– A repay account, debt services account, is created to support the interest rate and deducts its amounts from the investment account.
– The Council of Ministers selects the projects and signs the one-time contract. An example is signed for building 2000 schools with an open contract called (open contract).
– The start of depositing Iraqi oil money on 1/10/2019
and accumulated an amount of half a billion dollars, and it is increasing with China’s readiness to deposit an amount of 10 billion dollars.
– Iraq has the right to choose international European and American companies to be a partner with China, according to the type of project.
The committee said, “After our careful reading of the terms of the agreement and we verified the reputation of the names of companies and banks included in the terms of the agreement, we found that the achievement of the Iraqi economic interest as it is hoped that the first project will be signed according to the agreement However, the security and political events in Iraq have delayed this, so we call on everyone, especially the concerned parties, to impose stability and work to achieve peace in the Iraqi street, as a guarantee to start implementing the expected projects and to serve future generations of the Iraqi people.
alliraqnews.com
