$7.8bn ‘Petrodollars’ Allocated for Development

By John Lee.

The Iraqi cabinet has allocated $7.8 billion for development projects in oil-producing provinces, according to Al-Shorfa.

The Minister of Planning Ali al-Shukri (pictured) said.

“The amounts are allocated for various economic, social, and service development projects in the housing, education and energy sectors, and for environmental protection projects, treatment of environmental effects caused by oil extraction in those provinces, including the modernisation of extraction equipment, control of gases emitted from oil wells and oilfields, and creation of work opportunities for the residents of those provinces.”

The allocation is part of a scheme through which $5 is set aside from the proceeds of each oil barrel to be used for the development of oil-producing provinces.

(Source: Al-Shorfa)

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