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Japan to build pipeline and other facilities in Iraq

Mon, 29 January 2007

JAPAN will lend Iraq upwards of $650 million to help improve crude oil and electricity-related facilities, the Foreign Ministry said in late December. The 40-year loan will be provided via the state-funded Japan Bank for International Cooperation, the ministry said.

Of the loan, around $415 million will be used to finance the construction of a pipeline to export oil from the southern Iraqi city of Basra, while the balance will be used to improve power transmission facilities. The loan is intended for the reconstruction of Iraq's destroyed infrastructure and oil industry, which earn foreign currency through exports, Japanese officials said, and is part of a financial assistance plan for Iraq announced by Japan in 2003.

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Categories: Middle East, Projects

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