The Iraqi Government represented by the Council of Ministries gave the go ahead to the  Ministry of Finance to grant Iraqi Airways interest free interest loan of US dollars 300 million with ten years repayment terms  for the acquisition of new aircraft,  according to a local Iraqi Aswat Al-Iraq paper.

Two Iraqi government owned banks "Rafidain Bank" and "Rasheed Bank" will handle the loan on behalf of the government. The Iraqi Spokesman Ali Dabbagh said "The approval came during the ordinary meeting of the Council of Ministers Tuesday 2nd May 2012.

"The Council of Ministers at its fifteenth regular meeting held on April 10, 2012, issued its decision authorizing of the Ministry of Transportation to negotiate directly with specialized international companies for the purchase of civilian aircraft passenger with the exception of the instructions of the  implementation of government contracts. "

Adding  “Ministry of Transport informed the Council of Ministers on April 8, 2012 Iraqi Airways Corp[oration has requested to acquire six new Airbus A320, A321 from offers received from aviation firms."