Japan to grant 2 billion dollar-loan to Iraq

BAGHDAD / IraqiNews.com : Japan will grant Iraq a 2 billion-dollar loan to build a refinery in Iraq, provided the contract should be given to a Japanese company, according to Kuwaiti news agency. The refinery shall be a part of a big refinery complex in Basra, south Iraq. This is the greatest assistance given to an Iraqi project ever. The loan will cover the costs of the whole project, but will be expanded if the implementation is given to a Japanese company. The terms of the loan stipulated spending 624 million dollars for materials to be made in Japan. Contractors’ bids shall be submitted next year, to be decided in 2014.