Saudi Arabia's trade minister announced a one-billion-dollar aid package for Iraq during a visit to Baghdad on Thursday (April 4th), AFP reported.
Majed al-Qasabi also inaugurated a new Saudi consulate in Baghdad, one of four planned branches to open in Iraq after decades of no diplomatic links between the two countries.
Speaking to reporters alongside Iraqi Oil Minister Thamer Ghadban, al-Qasabi said the relationship had entered "a new phase".
"There is no doubt that this exchange, this discussion, is a two-way street that will strengthen these ties," said al-Qasabi, wrapping up a two-day visit.
Saudi Arabia would provide Iraq with $1 billion in loans for development projects, he said, plus $500 million to boost exports and a gift of a 100,000-seat sports stadium to be built on Baghdad's outskirts.
A joint Saudi-Iraq business council also proposed dozens of opportunities in Iraq for Saudi private investors and a free trade zone along the desert border between the two countries, he said.
