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Iraq, Japan's JICA sign loan to develop Basra refinery

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Iraq's Ministry of Finance announced Sunday it has signed a loan with Japan International Cooperation Agency (JICA) for a period of 40 years.

The loan's interest rate is 0.2%, according to a statement by the finance ministry. It was signed for the purpose of developing the Basra refinery, which will contribute to improve the quality of the oil derivatives, in addition to increasing production capacity to meet Iraq's needs of these derivatives, the statement read.

Minister of Finance Fuad Hussein expressed appreciation of the support of the Japanese government to the Iraqi economy through the provision of soft loans," adding that this loan will contribute to support the Iraqi economy due to the concessional terms and low interest rate.

For his part, Japanese Ambassador to Iraq Naofumi Hashimoto expressed "his country's readiness to support the Iraqi economy in all fields," stressing that "his government is determined to continue to support the Iraqi government and people in order to build a strong and stable state."
Last Modified: Sunday، 16 June 2019 09:14 PM