UAE writes off $4 bn worth Iraqi debts

July 6th, 2008 - 9:40 pm ICT by IANS  

Abu Dhabi, July 6 (IANS) The United Arab Emirates (UAE) Sunday announced that it has written off debts and interests worth $4 billion owed by Iraq, WAM new agency reported. President Sheikh Khalifa bin Zayed Al Nahyan made the announcement after meeting with Iraqi Prime Minister Nuri al-Maliki here, the report said.

Maliki is on a two-day visit to the UAE. He is accompanied by a high-level delegation comprising ministers of interior, trade, industry and mining.

Sheikh Khalifa said the measure was a “genuine expression of brotherhood and solidarity between the two countries. It is an effort to assist Iraq to carry out reconstruction projects and rehabilitation of institutions”.

He said the decision would ease economic burden on the Iraqi people.

Maliki’s visit to the Gulf country is a signal of the increasing bilateral ties, said Ismat Siddiq, the Iraqi Consul General in Dubai.

“The UAE is one of the important Arab countries involved in the rebuilding work in Iraq. The country has provided monetary and material support to Iraq,” Siddiq said.

Maliki said: “UAE’s decision to write off the debts would enhance the credit position of the Iraqi economy and would help restore security and stability”.

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