Investors Consider Iraqi Debt
According to a report in the Financial Times, investors are turning their attention to Iraq’s debt. In 2004, after the US invasion of Iraq, the ‘Paris Club‘ of 19 western creditors agreed to forgive...
View ArticleIraq Seeks Arab Debt Forgiveness
Iraq has asked its Arab neighbours to forgive its pre-invasion debts, urging them to follow the United Arab Emirates and Algeria which have already written off what they were owed, according to...
View ArticleIraq to Pay 1980s Wheat Debt over 17 Years
Payment for wheat exports to Iraq in the late 1980s will finally be distributed to growers in Australia, according to a report from Weekly Times Now. Grain growers will share in about $48m in repayment...
View ArticleDana Gas Restructures $1bn Bond to Avert Asset Seizure
By John Lee. Dana Gas, the Middle East’s first and largest regional private sector natural gas company, has announced that it has reached an in-principle agreement on the restructuring terms of the...
View ArticleGulf Keystone to Raise $250m Debt
Gulf Keystone has announced that it has mandated Deutsche Bank and Pareto Securities to arrange a series of fixed income investor meetings in the US, Europe and Asia commencing 20 March 2014. A debt...
View ArticleCiti to Advise on $2bn Loan for Boeing Jets
By John Lee. The Deputy Transport Minister, Bangen Rekani, has told Bloomberg that Iraq will seek $2 billion in financing to cover part of the cost of the 40 jets it has on order from Boeing. Iraq...
View ArticleGKP Arranges $250m Debt Financing
By John Lee. Gulf Keystone Petroleum (GKP) announced today that it has priced a debt offering of US$250 million. The privately placed debt securities, offered in accordance with Reg S/144A to...
View ArticleZambia Still Owes Iraq
By John Lee. The Zambian Secretary to the Treasury, Fredson Yamba (pictured), says Government has not serviced the US$296 million debt owed to Brazil, China and Iraq as at December 2012. According to...
View ArticleEgypt Forgives Iraqi Debt in Exchange for Oil
By Ayah Aman for Al Monitor. Any oppinions expressed are those of the author, and do not necessarily reflect the opinions of Iraq Business News. Iraqi Prime Minister Haider al-Abadi’s visit to Cairo on...
View ArticleKRG to Enter Bond Market
By Simon Kent. After months of talks, the Kurdish Regional Government says it has authorisation from Baghdad to issue bonds, in a move aimed at easing growing financial pains in the semi autonomous...
View ArticleIraq Plans New Bond Issuance
By Simon Kent. Iraqi Central Bank Governor Ali Al-Alak has said that Iraq is issuing bonds to the value of around $2 billion in the next few months, following last year’s aborted issuance after...
View ArticleBondholders Take Control of GKP in $500m Restructuring
By John Lee. Gulf Keystone Petroleum (GKP) announced this morning that $500 million worth of company bonds are to be converted into equity, diluting current shareholders to a stake of just 5 percent of...
View ArticleIraq plans New Bond Issue in 2018
By John Lee. Following Iraq’s successful return to the bond markets earlier this year, it is now reportedly planning a $2 billion sovereign bond issue in 2018. The Governor of the Central Bank of Iraq...
View ArticleIraq Still Owes Kuwait 24 Bn
Iraq still owes about 24 billion dollars in war reparations for the 1990 occupation of oil-rich Kuwait, a Kuwaiti lawmaker was quoted as saying on Tuesday. Adnan Abdulsamad, head of parliament’s...
View ArticleThe Largest Private Equity MENA Deal of the Year to Close in Iraq
With its latest deal, MerchantBridge, a direct investment and private equity company focused on Middle East investments, has now invested and managed in excess of US$1.5 billion in debt and equity in...
View ArticleFinance Minister Urges Italians to Tackle Debt Issue
Finance Minister Baqer al-Zubaidi urged the Iraqi ambassador on Monday to tackle the debts issue with Italy and to encourage companies there to invest in Iraq, according to a statement of the finance...
View ArticleIraq Forgives Madagascar’s Debt
(Sources: Aswat Al Iraq, Reuters) Aswat al Iraq reports that the Iraqi Council of Ministers has decided to approve an agreement that settles Madagascar’s debt to Iraq. Iraq lent the money to Madagascar...
View ArticleCall to Reschedule Iraq’s Debt
Following Iraq’s exit last week from the UN’s Chapter VII restrictions, an Iraqi economist has called for a rescheduling of the country’s debt repayments. “Iraq’s financial funds are under UN...
View ArticleEgypt Opens Consulate in Erbil, Discusses $2bn Debt
Egypt’s Foreign Minister, Ahmed Abul Gheit, officially opened his country’s consulate in Erbil on Sunday; this is the first Arab consulate to be opened in the Kurdish region, according to a report from...
View ArticleHow Risky Is Iraq?
Let’s start with a little test: Can you rank the following economies in order of the expected risk of their defaulting on their sovereign debt – Ireland, Argentina, Dubai, Greece, Iraq? The correct...
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