Japanese loan to Iraq worth 195 million dollars
Iraq has agreed to lend Iraq up to $ 195 million for a project to help repair a thermal power plant in the southern province of Basra, the government said on Saturday.
Prime Minister Haider al-Abadi’s office said in a statement that the loan agreement was signed during a visit by Japanese Minister of State for Foreign Affairs Kontaro Sonora, who met with Abadi on Saturday.
Iraq suffers from chronic electricity shortages, and its weak network faces difficulties in meeting demand after years of war, sanctions and neglect.
The country needs external funding to fill the budget deficit, estimated at 25 trillion Iraqi dinars ($ 21.44 billion) this year.