Japan gives $850m to develop Iraq’s oil sector

An official at the Iraqi government said that the Japanese government has lent Iraq $850 million repayable over forty years at an interest rate of 0.75 percent yearly, AFP reported.

He said that the loan, which is a part of $6 billion in debt and $1.5 billion Japanese aids, aims to construct an oil facility connecting pipelines in the southern province of Basra, fund fertilizers, oil refinery plants and help improve electricity.

MENAFN