Japan to Resume Lending to Iraq

By John Lee.

Nikkei Asian Review reports that state-owned Japan Bank for International Cooperation (JBIC) and the country’s two leading commercial banks — Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking — are preparing to make Japan’s first loan to Iraq in 31 years.

The consortium will support an Iraqi government power project with a cofinancing deal is worth 53 billion yen ($480 million). The deal includes purchasing power-related equipment from Japanese companies.

JBIC, formerly known as the Export-Import Bank of Japan, stopped all fresh lending to Iraq in 1986 due to the Iran-Iraq War.

(Source: Nikkei Asian Review)

(Picture: Akira Kondoh, Governor, JBIC)

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