Egypt Forgives Iraqi Debt in Exchange for Oil

“Egypt can also coordinate at the diplomatic level to place pressure on Iran, which is a big player in the Iraqi issue, and to expand the military training of Iraqi forces in Egypt,” Abu Nour added.

Former diplomats who previously worked on this file and spoke with Al-Monitor believe that the recent agreements signed between Egypt and Iraq fall in the context of prioritizing the common interests between both countries, and signing equitable agreements and deals in order for each party to get the help it needs.

Hussein Haridi, Egyptian ambassador and former assistant foreign minister, told Al-Monitor: “There is an acute energy crisis in Egypt, and constant efforts are deployed to find alternatives to secure Egypt’s needs of oil in light of the economic problems. Therefore, its agreement with Iraq to drop the debt in exchange for oil is equitable.”

Haridi said, “Egypt’s military expansion in the provision of services, logistic support and information to countries that are fighting terrorism is necessary now to participate in stopping the terrorist tide in the region, which may affect Egypt.”

Egyptian-Iraqi negotiations are continuing to discuss mechanisms for the implementation of what was agreed upon during Abadi’s visit to Cairo, and the possibilities of securing the Iraqi oil arrival in Cairo in light of the threats and unstable security situation.

Meanwhile, the Egyptian government continues to work on the establishment of an Arab alliance to counter the spread of Islamist organizations with terrorist ideologies.

Tags: , ,

6 Responses to Egypt Forgives Iraqi Debt in Exchange for Oil