Iraq, South Korea finalize financing for air defense missile deal

BAGHDAD, Iraq — Iraqi Finance Minister Falih Sari met South Korea's Ambassador to Iraq, Lee Jae-myung, in Baghdad on Wednesday, August 26, 2026, to finalize financing arrangements for an air defense missile system purchase. The two sides reached agreement on the project's financial structure and payment schedule, according to a Finance Ministry statement. The meeting covered the delivery and integration timeline for the missile system, as part of broader defense cooperation between Iraq and South Korea. The statement did not disclose the system's specifications, total contract value or delivery dates, and officials did not immediately respond to requests for further detail. The agreement is expected to advance military and technical cooperation between the two countries, though the ministry said the impact on Iraq's budget would be assessed separately. Lee is conducting a series of meetings with Iraqi officials during his visit to Baghdad aimed at strengthening defense ties.