Japan announces 82.6 billion yen loan to Iraq for energy projects

[OhioChick]

December 11, 2006

TOKYO: Japan's Foreign Ministry announced Monday it would provide a 82.64 billion yen (US$707.53 million; €532.94 million) loan for Iraq to repair and upgrade the country's energy industry.

Of the amount, 50.05 billion yen (US$428.5 million; €322.76 million) will be spent to build oil pipelines and export facilities in Basra, a southern city in Iraq, to stabilize and expand the oil producing country's oil export capabilities, the ministry said in a statement.

The remainder of the loans is for rehabilitation of power lines and other facilities to stabilize electricity supply in the country, the ministry said.

The projects will be formally signed at a later date, a ministry official said on condition of anonymity, without specifying the timeframe.

http://www.iht.com/articles/ap/2006/12/11/asia/AS_GEN_Japan_Iraq_Loan.php

[Javaman]

1. I'm glad OUR reconstruction money was so well spent.

Interesting how Japan owns close to 1 trillion dollars in T-bonds and are now lending money to yet another failed nation.

I guess they are banking on taking land in exchange for non-payment.