A Japanese loan to Iraq in a billion dollars

by **RamblerNash** Mon Jun 17, 2019 12:33 am

A Japanese loan to Iraq in a billion dollars

2019/06/16 02:01:08

The Ministry of Finance announced on Sunday the signing of a loan agreement from Japan worth one billion dollars.

The ministry said in a statement to the News Agency that "based on the General Budget Law and the Cabinet Resolution No. 22 of 2019 authorized the Minister of Finance to sign the loan agreements, where on Sunday morning signed mutual memoranda between the Government of the Republic of Iraq represented by the Ministry of Finance and the Government of Japan represented by the Japanese Embassy in Baghdad, followed by the signing of the loan agreement between the Ministry of Finance and the Japanese International Cooperation Agency JICA.

"The memorandum of understanding signed by the Ministry of Finance, Deputy Prime Minister and Minister of Finance Fuad Hussein, and the Japanese side, Naofoy Hashimoto, the Japanese ambassador in Iraq," said the statement. "The loan is worth one hundred and ten billion Japanese yen, equivalent to about one billion US dollars and 40 years, including 10 years grace The loan is repaid in semi-annual installments over 30 years and the interest rate is 0.2% fixed. "

He pointed out that "the purpose of signing the loan is the development of 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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