Japan Approves $100 Million Loan for Iraq

Flames emerge from flare stacks at the oil fields in Basra, southeast of Baghdad, Iraq January 17, 2017. (Reuters Photo/Essam Al-Sudani)

By : Saif Hameed | on 2:00 AM February 08, 2017
Category : International, Asia-Pacific

Baghdad. Japan has approved a loan of about $100 million to support humanitarian, counter-terrorism and infrastructure projects in Iraq, a Japanese embassy statement said on Tuesday (07/02).

Japan last month agreed to lend Iraq up to 27.2 billion yen ($240 million) to rebuild damaged electricity infrastructure in areas recaptured from Islamic State.

Iraq's government income, which comes almost exclusively from oil exports, fell sharply when crude prices tumbled three years ago.