| 2007: Italy grants Iraq $600 Million Low Interest Loan |
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November 6, 2007 Italy agreed Oct. 29 to grant a $600 million low interest loan to the Iraq Ministry of Finance (MoF) to help boost agricultural reform in the country. The MoF released a statement explaining that the agreement was signed in Rome and stipulates a 40-year loan term with an interest rate of 0.04 percent. Included in the loan will be Italian industrial and agricultural equipment sent to support the Iraqi industrialists running small projects. The agreement was signed by the Iraqi Deputy Minister for Planning and Developmental Cooperation and the Italian Under Secretary of State for Foreign Affairs, in the presence of an Iraqi delegation from the Ministries of Finance and Planning and the Iraqi Ambassador in Rome. |