28 January 2008 (Japan Today)

The Japan Bank for International Cooperation said Friday it has signed a contract with the government of Iraq to loan up to 182.7 billion yen to help rebuild oil facilities and improve other industrial infrastructure in the country.

The accord, signed in Tokyo, is the first loan deal Japan has signed to facilitate Iraqi reconstruction in the aftermath of the 2003 Iraq War. Japan has been extending grants for its rehabilitation. The deal is mainly designed to secure a stable supply of crude oil from Iraq which has the world’s third-largest oil reserves, JBIC officials said.

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