Economics
Japan offers loan for Iraq to upgrade oil refinery
The Iraqi Ministry of Finance and Japan International Cooperation Agency (JICA) signed an agreement on Sunday, under which the Japanese agency will offer Iraq a loan of 110 bn Japanese Yen (nearly $1 bn) to upgrade the Basra oil refinery. The loan, considered to be one of the largest amount provided by the government of Japan for one project in the Middle East and North Africa, is refundable over 40 years with a ten-year grace period and 0.02% interest rate, according to a statement from the Iraqi Ministry of Finance.
Source: https://www.iraqinews.com/features/japan-offers-loan-for-iraq-to-upgrade-oil-refinery/
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