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)