Iraq on Monday signed two deals worth US$5 billion (€3.23 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.

There were no further details immediately available on the precise nature of the orders or the types of planes.