Deals for both players were reported last week but couldn’t be officially signed before Friday.
“I’m back here for a reason,” Lowry said a press conference Friday. “They believe in me and I believe in them. That makes it easy.”
“At the end of the day I want to help this organization get better, I want to help the younger guys get better. I’m going to take this city to new heights. I’m going to take this country to new heights.”
Lowry’s deal is for US$100 million over three years, a source told The Associated Press last week.
The three-time all-star averaged 22.4 points and 7.0 assists last season for the Raptors.
Ibaka’s contract is reportedly worth US$65 million over three seasons.
The Raptors acquired the six-foot-10 Ibaka in the deal that sent Terrence Ross to Orlando at the trade deadline.