Skip to main content

Egypt forgives Iraqi debt in exchange for oil

During Iraqi Prime Minister Haider al-Abadi’s visit to Cairo, the Egyptian government agreed to drop the Iraqi debt owed to Egypt, in exchange for oil shares that would come in handy in light of the energy crisis plaguing Egypt.
Egypt's Foreign Minister Samih Shukri meets with Iraq's Vice-President Usamah al-Nujaifi (R) in Baghdad, December 17, 2014. Shukri arrived in Baghdad on Wednesday for talks with Iraqi officials. Shukri was received at Baghdad Airport by Iraq's Foreign Minister Ibrahim al-Jaafari and after brief talks at the airport lounge, Shukri met with al-Nujaifi. REUTERS/Ahmed Saad (IRAQ - Tags: POLITICS) - RTR4IDCZ
Read in 

CAIRO — Iraqi Prime Minister Haider al-Abadi’s visit to Cairo on Jan. 11 included several political, military and economic agreements, and marked a new chapter in Egypt-Iraq relations. These agreements also contributed in expanding the cooperation areas to confront the Islamic State (IS), which, according to the Egyptian government, are a threat to its national security.

“There was an agreement to solve all outstanding issues between the two countries, especially the issue of the Iraqi debt owed to Egypt,” an Egyptian government official told Al-Monitor on condition of anonymity.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.