IRAQ: Receives $3 billion in easy loans and grants from IDB after a similar measure was announced by the IMF this month to help cope with a sharp decline in #oil revenue, a central bank spokesman in Baghdad said Thursday in an email – @AceFinanceNews

#AceFinanceNews – May.29: Islamic Development Bank green lights $3B loan to Iraq

The Islamic Development Bank has given its initial agreement to provide $3 billion in easy loans and grants to cash-strapped Iraq after a similar measure was announced by the International Monetary Fund this month.

The Islamic bank’s loan is aimed at helping Iraq cope with a sharp decline in oil revenue, a central bank spokesman in Baghdad said Thursday in an email.

The spokesman did not give further details.

Last year, Iraq secured $1.7 billion in loans from the World Bank and $833 million from the IMF. (YouTube)

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