ABU DHABI, 30 July 2004 — Saudi Arabia has agreed to pay a $1 billion development aid pledge to Iraq soon, Iraqi Planning Minister Mehdi Al-Hafidh said here yesterday.
“Saudi Arabia agreed to activate its bilateral pledge of $1 billion when we were there this week,” the minister told reporters during a visit to Abu Dhabi. “They agreed to transfer the money and to use it on specific projects.” Last October, Saudi Arabia announced a $1 billion financing package for neighboring Iraq that included $500 million in project finance and $500 million as an export facility. Hafidh said Saudi and Iraqi businessmen would meet in October to discuss the development projects for war-torn Iraq.
