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Saudi Arabia, Iraq establish joint $3 billion fund during Kadhimi visit to Riyadh

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Saudi Arabia and Iraq are set to establish a joint fund, with capital estimated at $3 billion, as a contribution from the kingdom in promoting investment in Iraq's economic fields, according to a joint statement.

The joint fund will be for the "benefit of the Saudi Arabian and Iraqi economies, with the participation of the private sector
from both sides," the statement added.

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Saudi Arabia’s Crown Prince Mohammed bin Salman and Iraq’s Prime Minister Mustafa al-Kadhimi held talks in Riyadh to discuss bilateral relations between the two countries.

The Iraqi Prime Ministerarrived earlier on Wednesday in the Kingdom’s capital city and was received at King Khalid International Airport by the Crown Prince.

Saudi Arabia and Iraq also agreed on Wednesday to continue cooperation within OPEC and with full commitment to the requirements of the OPEC+ agreement, according to a joint statement carried by the Saudi Press Agency.

Both leaders also oversaw the singing of three other Memorandums of Understandings (MoUs), including one on the completion of an electrical interconnection project, enhancing coordination in the field of mutual support within the framework of multilateral diplomacy and another on enhancing investment opportunities for Saudi companies and calling for them to expand their activities in Iraq and in various fields and in the reconstruction efforts.

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