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Japan offers $ 317 million loan for projects in Iraq
May 13 2018 04:24 PM
May 13 2018 04:24 PM
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Japan plans to provide a $ 317 million loan to implement service projects in Iraq. The Iraqi Ministry of Finance today signed two financing agreements with the Japan International Cooperation Agency (JICA).
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The first agreement is a $ 176 million loan
Japan plans to provide a $ 317 million loan to implement service projects in Iraq. The Iraqi Ministry of Finance today signed two financing agreements with the Japan International Cooperation Agency (JICA).
The first agreement included a $ 176 million loan for the Basra Water Development Project, under terms that include a 20-year loan term of 6 years and a fixed interest rate of 1 percent.
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The second agreement included a $ 141 million loan to rehabilitate Iraq's irrigation sector with a 25-year loan, including 7 years grace period.
In 2013, Japan submitted a proposal to the Iraqi government to develop the ports and power plant in the country through a $ 1.24 billion concessional loan.
Over the past years, the Iraqi and Japanese governments have signed several agreements for the reconstruction of the energy and ports infrastructure.
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