Iran has extended $1 bln in credits for reconstruction projects in Iraq, a senior official said Tuesday ahead of an international conference on stabilizing Iraq.

Notwithstanding US reservations over the Iran-Pakistan-India gas pipeline, the World Bank has described it as a win-win deal and expressed readiness to fund the seven billion dollar project.

Seven of the 15 British Royal Navy personnel held captive by Iran are back in the Persian Gulf searching for smugglers, Britain’s military said Tuesday.