Foreign companies participate in repairing closed Iraqi factories

The union of Iraqi industries is currently negotiating with a number of foreign companies to reactivate factories that have been closed since the Gulf War in 1991, a press statement released by Iraqi embassy in Cairo said, adding that contacts also began with civil banks that stated their readiness to finance the projects, offering easy loans with simple interest.

The statement said the names of banks with which the union is dealing are expected to be announced.

There are 32,000 closed factories due to the sanctions imposed on Iraq for nine years, according to Iraqi governmental statistics.