Embassy of Japan shows a $ 1 billion loan to Iraq


Editorial date:: 2019/6/16 13:49
The Embassy of Japan to Iraq, the Japanese Agency for International Cooperation (JICA) loan to Iraq worth about one billion US dollars.
“The Ambassador of Japan to the Republic of Iraq (Naofumi Hashimoto) and the Advisor to the Prime Minister for Finance and Finance Minister of the Republic of Iraq, Fuad Mohammed, today signed and exchanged notes in Baghdad on the provision of the Japanese yen for a refinery development project ($ 1 billion), which is one of the largest amounts allocated by the Government of Japan to a single loan project in the Middle East and North Africa. ” 
“This project will increase the production of oil through the establishment of a new refinery (complex catalytic cracking of fluids), in the refinery of Basra present.”
“The project aims at increasing the quality of oil products and bridging the gap between supply and demand. In addition, the new plant will reduce the environmental burden by introducing the diluted sulfur desulfurization unit with the transfer of technology.” 
“Following the implementation of this project, the refinery of Basrah, the only refinery that produces high value added petroleum products such as gasoline and diesel, will become an international environmental standard and, ultimately, it will contribute to the economic and social recovery of Iraq.”
The Ministry of Finance announced today the signing of a loan with the Japan International Cooperation Agency (JICA) for Iraq worth about one billion US dollars and a period of 40 years, including 10 years grace and is repaying the loan in semi-annual installments over 30 years and the interest rate is 0.2% fixed and the purpose of signing the loan To develop Basra refinery, which will contribute to improving the quality of oil derivatives in addition to increasing production capacity to meet Iraq’s needs of these derivatives

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