Iraqi PM Announces $10 Billion Private Sector Investment Fund

BAGHDAD, Iraq — Iraqi Prime Minister Ali Faleh el-Zeydi announced Wednesday a $10 billion development fund for the private sector, with the Central Bank of Iraq providing the contribution. Zeydi told business leaders in Baghdad that the fund will allow public participation at the official dinar exchange rate. He said the government also plans to travel to the United States with businesspeople for an official visit to expand investment opportunities. The prime minister said private sector companies will be involved in infrastructure work for a project to build 1 million housing plots. New financing will also be available for establishing production facilities. Zeydi added that the government has allocated roughly 1 trillion dinars in monthly installments to pay outstanding debts owed to businesses and companies.