Iraq secures $2.7 bln US loan for military equipment
Baghdad will have eight and a half years, including a one-year grace period, to repay the loan
Iraq secured a $2.7 billion loan from the United States on Wednesday to fund ammunition and maintenance of fighter jets, tanks and other military equipment for use in the war against ISIS.
Baghdad will have eight and a half years, including a one-year grace period, to repay the loan, which carries a 6.45 percent interest rate, a US embassy statement said.
The deal will help Iraq service its F-16 fighter jets, M1A1 tanks, armored vehicles and attack helicopters as well as maintain navy ships and systems to protect the Umm Qasr port and southern oil platforms, the embassy added.
Declining global oil prices and the costs of fighting ISIS militants who seized a third of Iraq’s territory in 2014 have hit government revenues, which rely almost completely on oil exports.
Iraq received its first batch of F-16s in 2015 as a part of a $65 million deal with Lockheed Martin Corp.
-
Iran appoints Guard general to lead armed forces
State TV reported Tuesday that Ayatollah Ali Khamenei has appointed a veteran of the Iran-Iraq war to the post Middle East -
Last hour: Fight against Isis in Iraq could displace millions, UN says
News Bulletins -
ISIS defeated in Falluja says Iraq commander
Iraqi forces reached the center of Falluja last week but militants remained holed up in some parts of the city west of Baghdad Middle East -
Suicide bomber kills nine at Iraq Sunni mosque: officials
There was no immediate claim of responsibility for the attack, but the ISIS militant group frequently carries out suicide bombings Middle East -
‘Chaldean League’ urges Christians to stay in Iraq despite ISIS
An Iraqi Catholic group called the Chaldean League has urged Christians to stay put in their native land, saying “ISIS terrorism will soon go ... Variety -
Resilient ISIS push back in Syria, Iraq and Libya
The ISIS forces dealt an embarrassing setback to the Syrian army near the militants’ self-styled capital of Raqqa Middle East -
Algeria accuses Iraq, Iran of spreading Shiism in its country
The residents of Al-Cheria on the Algerian-Tunisian border complain of the proliferation of Iranian associations to spread Shiism in it, which ... Reports -
Jordan declares its borders with Syria, Iraq closed military zones
Jordan declared its border regions with Syria and Iraq to be closed military zones after a suicide bombing on Tuesday that killed six soldiers. Reports