Iraq receives 5th batch of $1.4 billion loan from Japan to upgrade Basra Refinery
The Iraqi Minister of Finance, Taif Sami, and the Japanese Ambassador to Iraq, Futoshi Matsumoto. Photo: INA
Baghdad (IraqiNews.com) – The Japanese Ambassador to Iraq, Futoshi Matsumoto, and the Iraqi Minister of Finance, Taif Sami, together with the Japan International Cooperation Agency (JICA), signed and exchanged notes concerning the provision of the fifth batch of the Official Development Assistance (ODA) loan worth $1.4 billion for the Basra Refinery Upgrading Project, the biggest Japanese project in Iraq.
A statement issued by the Japanese embassy mentioned that the project aims at saving foreign currencies spent on importing fuel, improving trade, reducing the fiscal deficit, and providing economic and employment opportunities for the people of Iraq.
The project will also contribute to modernizing Iraq’s energy industry and paving a way to attract the private sector to Iraq’s energy sector, in addition to reducing air pollution by reducing sulfur content in oil products, according to the statement.
The statement illustrated that Japan’s advanced technical and engineering skills will be utilized at the Fluid Catalytic Cracking (FCC) Complex in Basra Refinery with a remarkably low interest rate of 0.2 percent per annum, contributing to the financial stability of Iraq.
Japan remains committed to supporting Iraq’s sustainable and resilient economic growth as well as human resource empowerment, the statement added.