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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    After 31 years, Japan to resume loaning to Iraq

    Rocky
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    • Post n°1

    After 31 years, Japan to resume loaning to Iraq Empty After 31 years, Japan to resume loaning to Iraq

    Post by Rocky Fri Mar 31, 2017 3:53 am

    After 31 years, Japan to resume loaning to Iraq



    4:02 AM  ADMIN  

    Tokyo/ Iraq TradeLink: The Japan Bank for International Cooperation and the country's two leading

    commercial banks are preparing to make Japan's first loan to Iraq in 31 years, Japanese Nikkei Asian Review reported.

    The government-owned bank will join hands with Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking to support an Iraqi government power project that includes purchasing power-related equipment from Japanese companies.

    The co-financing deal is worth 53 billion yen ($480 million), sources said.

    The deal marks the start of a process to shift the leading role in Japan's Iraqi reconstruction support to the private sector. As such, the JBIC part of the loan does not come from Japan's official development assistance program.

    The JBIC stopped all fresh lending to Iraq in 1986, when the Iran-Iraq War grew more tense. Fighting began in 1980, when the bank was still in its previous carnation as the Export-Import Bank of Japan.

    Although Iran and Iraq agreed to a ceasefire in 1988, the bank has not had a chance to restart lending to Iraq, a country long beset by armed conflicts and political unrest. During this period, Iraq invaded Kuwait, the Gulf War erupted, the U.S. militarily attacked Iraq and the Islamic State group emerged.

    Now the JBIC has decided that peace and order have been sufficiently restored in Iraq. The decision comes despite fierce battles raging in northern parts of the country as Iraqi and U.S.-led forces try to reclaim Mosul, the Islamic State group's biggest stronghold.

    In the JBIC's view, relatively stable peace and order have returned in Iraq's south.


    Another factor behind the resumption is a new account that the JBIC created in October to enable it to offer loans for infrastructure projects that carry relatively high default risks.
    Posted in: Economy,Tokyo


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