March 16, 2022
2 mins read

China now plays key financial role in Iraq

Chinese companies, Power Corporation of China and Sinotech, are currently finalizing the sub-contracting to build 1000 schools in Iraq…reports Asian Lite News

China has emerged as a key financial player in Iraq amid its policy of fostering deeper economic ties with the Middle East in recent years.

Valentin Popescu, writing in a think tank, Policy Research Group (POREG) said that China is strategically leveraging Iraqi reconstruction efforts by building energy and connectivity infrastructure projects under the Belt and Road Initiative (BRI).

It is also constructing schools and opening language training centres in Iraqi Universities. With the end of the US combat mission in Iraq, Beijing is pushing its energy projects with Baghdad under the BRI with overall investment to the tune of USD 10.5 billion, making Iraq the third most important partner of Chinese energy engagement.

Chinese companies, Power Corporation of China and Sinotech, are currently finalizing the sub-contracting to build 1000 schools in Iraq under the ‘oil for reconstruction’ programme signed with the Iraqi government in December 2021, reported POREG.

Beijing is also promoting the Chinese language and culture in Iraq. The Chinese Language Department in Salahaddin University, Erbil, offers language training and education to Iraqi students and also conducts events that create a positive image of China.

These efforts are apparently part of Beijing’s policy of fostering deeper economic ties with Middle East countries by taking advantage of a growing perception among Arab leaders that the US is disengaging from the region, said Popescu.

It is also attributed to Beijing’s growing appetite for Middle Eastern energy and increasing trade with the Gulf States. Iraq is already the third-biggest exporter of oil to China. Baghdad appears more than willing to receive Chinese investment to help upgrade war-ravaged and decaying infrastructure.

Beijing views Iraq as a less controversial investment destination in the region with a great deal of untapped potential and easy access. For China, the Iraqi government and people are easier to negotiate and to do business as the country is trying hard to rebuild infrastructure and push up economic growth. China also sees Iraq as a fertile base for its expansion plan in the Middle East, said Popescu. (ANI)

ALSO READ: China ready to help Russia in Ukraine?

Previous Story

Shane Watson joins Delhi Capitals as assistant coach

Next Story

Anti-Taliban protest blocks key highway in Northern Afghanistan

Latest from -Top News

Kenyans put president on notice

Kenya’s fifth president became a remarkably unpopular leader barely two years into his presidency after proposing aggressive tax measures that many saw as a betrayal of his campaign promise to support working-class

World Bank grants South Africa a $1.5 bn loan

Deteriorating rail systems, jammed ports and frequent blackouts have hindered vital industries like mining and auto manufacturing in South Africa, contributing to slow economic growth over the last decade in Africa’s most

Judge halts Trump from dismantling USADF

Congress established USADF as an independent agency in 1980, with the mandate to support economic development initiatives in AfricaXXX In a significant legal development, a federal judge in Washington, DC, has temporarily

BRICS Bank Welcomes Colombia, Uzbekistan

The bank’s Board of Governors approved the accession of the two countries, bringing the total membership to 11….reports Asian Lite News Colombia and Uzbekistan have joined the New Development Bank (NDB), expanding
Go toTop

Don't Miss

Rising China threat prompts Japan to overhaul Ocean Policy

The new strategy provides for the strengthening of Japan’s military

China extends curbs on Tibetan language use in apps

The regulation ‘Measures on the Administration of Internet Religious Information