Cash-strapped Iraq will benefit from UK loans totaling £10bn ($12.3bn) over a 10-year period under a 5 March MoU. The finance is towards rebuilding infrastructure in areas liberated from Islamic State (IS) control, the final bill for which will dwarf even this figure.

Announcing the UK loan facilities, Iraqi Acting Finance Minister ‘Abd al-Razzaq al-‘Isa  said the funds would be used to finance water, sewage, electricity, healthcare and transport projects, exclusively...