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Japan approves $100 million loan for Iraq
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Photo: Reuters
BAGHDAD,— Japan has approved a loan of about $100 million to support humanitarian, counter-terrorism and infrastructure projects in Iraq, a Japanese embassy statement said on Tuesday.
Japan last month agreed to lend Iraq up to 27.2 billion yen ($240 million) to rebuild damaged electricity infrastructure in areas recaptured from Islamic State.
Iraq’s government income, which comes almost exclusively from oil exports, fell sharply when crude prices tumbled three years ago.
In January Iraq announced the sale of [You must be registered and logged in to see this link.] in bonds guaranteed by the United States, paying an interest of 2.1 percent, far below the 9 percent yield on the country’s non-guaranteed debt.
Iraq has a speculative rating of B/B- from both S&P and Fitch. It has a $2.7 billion in international bonds due in 2028 with a coupon of 5.8 percent, currently yielding about 9 percent.
[You must be registered and logged in to see this link.]
Posted on [You must be registered and logged in to see this link.] by [You must be registered and logged in to see this link.] in [You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
Photo: Reuters
BAGHDAD,— Japan has approved a loan of about $100 million to support humanitarian, counter-terrorism and infrastructure projects in Iraq, a Japanese embassy statement said on Tuesday.
Japan last month agreed to lend Iraq up to 27.2 billion yen ($240 million) to rebuild damaged electricity infrastructure in areas recaptured from Islamic State.
Iraq’s government income, which comes almost exclusively from oil exports, fell sharply when crude prices tumbled three years ago.
In January Iraq announced the sale of [You must be registered and logged in to see this link.] in bonds guaranteed by the United States, paying an interest of 2.1 percent, far below the 9 percent yield on the country’s non-guaranteed debt.
Iraq has a speculative rating of B/B- from both S&P and Fitch. It has a $2.7 billion in international bonds due in 2028 with a coupon of 5.8 percent, currently yielding about 9 percent.
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