German Chancellor Angele Merkel announced last week that Germany will loan 500 million Euros ($566 million) to Iraq after meeting with Iraqi Prime Minister Haider al-Abadi in Berlin.
"Germany is ready to do what it can ... to stabilize Iraq in view of the big security challenges and economic challenges," Merkel stated during a news conference with al-Abadi also highlighting the impact of weak oil prices on Iraq's budget.
Merkel also stated the loan will not be for use on any one specific project and touched on the subject of needing to reinstate Iraq's war-torn infrastructure. Merkel said Iraqi people need hope "so that they don't have to leave their country." Another goal is for Germany to aid in de-mining cities and villages so that the three million displaced people in Iraq can return to their homes.