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Japan to give $750 million in loans to Iraq

24 November 2011 No Comment

Japan will offer Iraq loans totalling $750 million to help rebuild the oil-rich country, Prime Minister Yoshihiko Noda said Tuesday in his meeting with visiting Iraqi leader Nouri al-Maliki.

The money will go toward refurbishment of oil refineries and other infrastructure and health care projects, according to the Japanese foreign ministry.

Resource-poor Japan has eagerly sought to strengthen its ties with Iraq by offering reconstruction support. The world’s third-largest economy relies heavily on the Middle East for its oil needs.

Tokyo has also promoted Japan’s infrastructure technology, particularly in emerging economies.

Al-Maliki is in Japan on a four-day visit to meet Japanese business and government leaders. On Tuesday, he also addressed the Japan-Iraq Industrial Cooperation Conference.

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