Germany, Iraq finalize 500 million euro credit to aid stabilization

February 13, 2017 17:50


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BERLIN - Germany signed an agreement with Iraq on Monday to provide a 500 million euro ($530 million) credit facility to fund investments aimed at rebuilding Iraqi infrastructure damaged in the war with Islamic State militants.

The credit line, the biggest yet provided to Iraq, was promised by Chancellor Angela Merkel to Iraqi Prime Minister Haider al-Abadi a year ago.

"We want to help the Iraqi government rebuild public infrastructure so that the people who had to flee IS terrorism can return to their homes," Foreign Minister Sigmar Gabriel said in a statement.

"Islamic State cannot be defeated militarily alone," Gabriel said. "More engagement and investment to ensure functioning water and energy supplies and transportation systems are needed to transform these cities and areas into peaceful, vibrant and livable homelands."

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