Iraq Gets £10 billion Loan From Britain… But Only To Pay Back UK Firms

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‘Britain and Iraq have negotiated a £10 billion (US$12.25 billion) loan for reconstructing and operating key utilities, but the cash can only be used to pay UK firms.

The deal will see British companies service and repair vital sectors like sewage, water, healthcare, electricity and transport in the war-torn country.

The move comes 14 years after the US-led war, in which Britain was a major participant, devastated large parts of Iraq’s infrastructure, eventually helping to create the conditions for the formation of Islamic State (IS, formerly ISIS/ISIL).

“This loan is exclusively allocated to British companies,” Iraqi Acting Finance Minister Abdul Razzak al-Essa told journalists at the official signing.’

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