Iraq signed two deals today worth $5 billion to buy 40 planes from Boeing and 10 planes from Canada's Bombardier.

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BAGHDAD, Iraq — Iraq on Monday signed two deals worth $5 billion to buy 40 planes from Boeing and 10 planes from Canada’s Bombardier to upgrade Iraqi Airways’ aging fleet.

The deals were signed by Finance Minister Bayan Jabr in a ceremony attended by Iraq’s Prime Minister Nouri al-Maliki as well as U.S., British and Canadian diplomats.

The first Boeing plane will be delivered in 2013, Jabr said, while the Canadian company will start delivering the planes later this year.

A Boeing spokesman in Seattle, Peter Conte, said the firm order from Iraq was for 30 Boeing 737-800s worth $2.2 billion at list prices. He said Boeing and Iraq are still finalizing an additional order for 10 new 787s.

“This is seen as among the first steps in re-establishing Iraq’s scheduled commercial aviation operations,” Conte said.

Al-Maliki said the government was working to improve the country and called for investments in Iraq.

“Today, the process of developing economy has started,” al-Maliki said in a speech during the ceremony.

The prime minister invited foreign companies to invest in Iraq to help the government rebuild the battered country.