Japanese Signs Loan Agreement with Iraq

On February 16, The Japan International Cooperation Agency (JICA) concluded a Japanese ODA loan agreement with the Republic of Iraq to provide a loan of up to 39.118 billion yen for the Port Sector Rehabilitation Project (Phase II), at the Ministry of Finance, Baghdad.

This is the 20th loan agreement under the Japanese ODA loan to Iraq, which brings Japan’s cumulative commitments to this country to over 4.4 billion dollars.

The objective of the Phase II project is to recover the functions of the Iraqi port system, by rehabilitation works related mainly to the Khor Al Zubayr Port (KZP), following the rehabilitation of the Umm Qasr Port (UQP) having been implemented under the Phase I of this project.

For Iraq, with coastal line of 48km only, rehabilitation of the UQP and KZP is vital to its national economy, as those two are the major ports that handle heavy cargoes required for the various reconstruction projects across the country.

The on-going Phase I Project, started in 2008, is covering rehabilitation works for the UQP. It has been progressing smoothly to be completed in a few months’ time, thanks to the outstanding project management by the General Company for Ports of Iraq (GCPI).

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