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Third batch of Enjaz bonds are valued at $994mln OPEC member Iraq has issued fresh bonds as part of an ongoing debt programme intended to raise funds for its post-war rebuilding projects. In a statement on Sunday, the Iraqi Finance Ministry said the new issue has a value of 1.4 trillion Iraqi dinars ($994 billion) with an interest rate of 6.5-8.5 percent and a maturity period ranging from 2 to 4 years. “The issuance of these bonds will help Iraq fund development projects and achieve fiscal stability,” the statement said. The latest issue is the third batch of a debt programme launched in 2024 under the name ‘Enjaz bonds’ (achievement bonds). The second issue in July and the first issue in May had values of IQD1.5 trillion ($1.15 billion) each. These bonds are issued in two categories, according to previous notices by the Central Bank of Iraq (CBI). A class bond IQD 500,000 with annual interest (6.5 percent) to be paid every six months for a period of two years A class bond IQD 1 million with annual interest (8.5 percent) to be paid every six months for a period of four years Iraq is heavily reliant on volatile oil sales and this has created a persistent deficit in its budget mainly because of growing development needs. |
