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The United Arab Emirates has forgiven Iraq's debt of nearly seven billion dollars and named an ambassador to restore a full diplomatic mission in Baghdad.

The Emirates' official news agency quotes the country's president, Sheikh Khalifa bin Zayed Al Nahyan, today (Sunday) as saying the UAE is canceling all four billion dollars in debt, plus interest, that Iraq owes to the Gulf nation. It says the president called the gesture an effort to help Iraq carry out reconstruction projects.

The UAE also named its current envoy to India (Abdullah Ibrahim al-Shehhi) as ambassador to Baghdad.

The announcements came during an official visit to the UAE by Iraqi Prime Minister Nouri al-Maliki. Prior to the announcements, Mr. Maliki called on Arab nations to cooperate to address political, security and economic issues in the region.