$3bn joint fund mooted as Saudi Arabia, Iraq seek to strengthen ties

Saudi Arabia and Iraq have decided to set up a joint fund estimated at $3 billion as a contribution from Saudi Arabia in promoting investment in Iraq’s economic fields for the benefit of the Saudi; and Iraqi economies with the participation of the private sector on both sides, according to a joint statement.

Earlier in the day, Crown Prince Muhammad Bin Salman and Iraqi Prime Minister Mustafa Al-Kadhimi; held a formal discussion session in the royal court at Al-Yamamah Palace in Riyadh.

The talks additionally focused on prospects for bilateral cooperation between the two countries and ways to enhance them in all fields. Views were exchanged on issues and issues of concern to the two countries in the regional and international arenas in a way that contributes to supporting and enhancing security and stability; in the region and the world.

Bilateral cooperation

The two sides praised the results of the virtual meeting; that took place between the Custodian of the Two Holy Mosques and the Iraqi premier recently; in which the two sides sought to strengthen bilateral relations.

They expressed their satisfaction with the level of cooperation and coordination between the two countries; stressing their determination; in order to continue and deepen aspects of cooperation and coordination between them; in a way that serves common interests in various fields, especially political, security, military, commercial, investment, cultural and tourism.

The two sides also affirmed their keenness on bilateral cooperation in various fields, activating the agreements and memoranda of understanding reached between the two countries; and urged the ministries and relevant authorities in the two countries; in order to make more efforts to ensure the speedy completion and implementation of these agreements.

They also stressed the continuation of joint cooperation and coordination; in confronting the threat of extremism and terrorism as a threat to the countries of the region and the world.