Saudi Arabia will fund two projects in Iraq under a loan agreement with its fellow OPEC member, a spokesperson of the Iraqi planning ministry told Zawya Projects.

Abdul Zahra Al-Hindawi said the agreements were signed during a meeting of Economic, Trade, Investment and Relief Committee of Saudi-Iraqi Coordination Council chaired by the Minister of Planning Khaled Battal Al-Najm.

He said the Saudi Fund for Development will provide a $25 million loan to finance the construction of grain silos in the Diwaniyah governorate, and another $15 million to develop the Saqlawiyah Hospital in the Anbar Governorate.

The committee also discussed investment protection agreements and investment opportunities available in Iraq for Saudi companies.

In October, the state-owned Saudi Press Agency quoted the Kingdom's Minister of Investment Khaled bin Abdulaziz Al-Falih as saying his country is keen to expand its investments in Iraq to about 10 billion Saudi riyals ($2.7 billion) in various sectors.

(Reporting by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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