Egypt and Iraq agree on oil-for-reconstruction mechanism

Egypt and Iraq agree on oil-for-reconstruction mechanism
Egypt and Iraq have signed 15 agreements to establish an oil-for-reconstruction mechanism. (Social media)
Short Url
Updated 01 November 2020

Egypt and Iraq agree on oil-for-reconstruction mechanism

Egypt and Iraq agree on oil-for-reconstruction mechanism
  • Egyptian contracting companies were eager to explore the Iraqi market

CAIRO: Egypt and Iraq have reached a preliminary consensus to establish an oil-for-reconstruction mechanism.

The two countries have signed 15 agreements, programs, and protocols in the fields of transport, water resources, health, the environment, justice, investment, housing, construction, industry, trade, and finance.

Egyptian Prime Minister Mostafa Madbouly told a meeting in Baghdad that companies would carry out development projects in return for oil.

He said the agreement would boost bilateral cooperation and enhance the pace of development in Iraq, and that the two nations had great production and export potential. 

The meeting of the Egyptian-Iraqi Higher Committee also heard that there was a need to increase the volume and value of intra-trade and to remove all obstacles in the flow of goods between the two countries.

The prime minister said that the role of Arab Bridge Maritime, a commercial company founded by Egypt, Iraq, and Jordan in 1985, could be revitalized to bolster trade ties between the founding countries.

Madbouly said Cairo was seeking to increase cooperation in the fields of oil and gas, chemicals, and minerals, and that Egyptian contracting companies were eager to explore the Iraqi market and contribute to reconstruction efforts.

There would be job opportunities for Iraqis and they would gain expertise in different sectors, he said, adding that Egypt was prepared to increase cooperation in the electrical interconnection project with Iraq, in coordination with Jordan.

Iraqi Prime Minister Mustafa Al-Kadhimi told a news conference that his country looked forward to working with Egypt and strengthening cooperation. He also highlighted the importance of the joint Iraqi-Egyptian-Jordanian committee.

“A specific timeframe will be developed to activate the memoranda signed between Iraq and Egypt,” Madbouly said. “Baghdad and Cairo agree on the speedy activation of a group of projects implemented by the Egyptian side.”

He said the two sides also agreed on the issue of water security.


FII confirms over 140 global speakers for 2021 event

FII confirms over 140 global speakers for 2021 event
Updated 32 min 16 sec ago

FII confirms over 140 global speakers for 2021 event

FII confirms over 140 global speakers for 2021 event
  • The theme for 2020 will be “The Neo-Renaissance”

DUBAI: More than 140 prominent international speakers have been confirmed to speak at this year’s Future Investment Initiative (FII), which will take place on Jan. 27-28.

Some of the top names announced this week include Saudi Energy Minister Prince Abdul Aziz bin Salman; David Solomon, chairman and CEO of Goldman Sachs Group; Credit Suisse Group CEO Thomas Gottstein; Reliance Industries Chairman Mukesh Ambani; Patrick Pouyanné, chairman and CEO of Total; Lord Gerry Grimstone, the UK’s minister of state for trade; Hyperloop One co-founder Josh Giegel; and David Rubenstein, co-founder and co-executive chairman of The Carlyle Group.

The theme for 2020 will be “The Neo-Renaissance,” and due to travel restrictions as a result of the coronavirus pandemic, 60 speakers will attend in-person in Riyadh, while 80 will participate virtually from hubs in New York, Paris, Beijing and Mumbai.

Some of the other speakers will include Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund and chairman of the FII Institute; Ray Dalio, co-chairman and chief information officer of Bridgewater Associates; Snam CEO Marco Alvarez; Dr. Sultan Al-Jaber, the UAE’s minister of industry and advanced technology, and special envoy and group CEO of the Abu Dhabi National Oil Co.; Eric Cantor, vice chairman and managing director of Moelis & Co.; Sultan Ahmed bin Sulayem, group chairman and CEO of DP World; and Saudi Investment Minister Khalid Al-Falih,

In addition, delegates can expect to hear from Princess Reema bint Bandar bin Sultan Al-Saud, Saudi ambassador to the US; Dr. Kai Fu Lee, co-founder, chairman and CEO of Sinovation Ventures; Thomas Barrack, executive chairman of Colony Capital; EDF CEO Jean Bernard Lévy; Jean Todt, president of Fédération Internationale de l’Automobile; Mahindra Group Chairman Anand Mahindra; and Anthony Scaramucci, founder and managing partner of SkyBridge Capital and former White House director of communications.