By John Lee.
The Japanese government has reportedly announced the initiation of seven new projects in Iraq, building upon their history of contributions to the nation.
Futoshi Matsumoto (pictured), the Japanese ambassador to Iraq, told the state-run Iraqi News Agency (INA) that Japan has successfully executed 30 significant projects over the last two decades, all completed by Japanese companies. He emphasized that while seven new projects are underway, their execution depends on budget allocation by the Iraqi government for the coming year.
Among the ongoing endeavours, two projects stand out in the current year. The Basra Refinery Development Project and the water desalination initiative in Al-Muthanna Governorate, with a value exceeding $300 million, take the lead. Matsumoto highlighted the latter as a vital step towards development and reconstruction in Samawah.
Japan's commitment to support Iraq persists through financial backing and highly favorable loans. Matsumoto explained that Japanese loans feature an extended repayment span of 40 years, accompanied by minimal interest, a mere 0.2 percent. This financial arrangement underscores Japan's dedication to bolstering Iraq's growth and progress.
(Source: INA)
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