By RIA Novosti
Moscow : Russia Monday signed an agreement with Iraq, abrogating most of the debt it owed the terror-torn country.
Foreign Minister Alexei Kudrin signed the agreement here with his Iraqi counterpart Hoshyar Zibari under which Moscow wrote off $12 billion of the $12.9 billion, or 93 percent of Iraq’s debt to Russia. The write-off is to take effect in several stages.
Kudrin said in the first stage, 65 percent of the debt will be written off. The remaining $4.5 billion will be cancelled in two stages, subject to further negotiations.
Earlier in the day, Russian Foreign Minister Sergei Lavrov and Zibari signed a memorandum of cooperation in trade, economic, scientific and technical spheres.
“The memorandum, which we have just signed, will open doors for Russia for full-fledged participation in all projects and tenders to be held in Iraq,” Zibari said.
Lavrov said Russian companies intend to become actively involved in rebuilding in Iraq.
“We are counting on long-term joint projects in oil and natural gas and energy sectors,” he said.
Russia could invest as much as $4 billion in Iraq, Kudrin said.