Iraq secures US$195m Japanese loan for electricity sector

A general view of a Adani Power company thermal power plant at Mundra some 400 kms from Ahmedabad, India on February 18, 2011. — AFP picA general view of a Adani Power company thermal power plant at Mundra some 400 kms from Ahmedabad, India on February 18, 2011. — AFP picBAGHDAD, Aug 5 — Japan has agreed to lend Iraq up to US$195 million (RM834 million) for a project to help repair a thermal power station in the southern province of Basra, an Iraqi government statement said today.

Though Iraq is a major Opec oil producer, the country faces chronic electricity shortages, with its fragile grid struggling to meet demand after years of war, sanctions and neglect.

The was signed during a visit to Iraq by Japan’s State Minister for Foreign Affairs, Kentaro Sonoura, who met Prime Minister Haider al-Abadi today, the prime minister office said in a statement.

Iraq needs external financing to plug a of approximately 25 trillion Iraqi dinars (RM92 billion) for this year as it grapples with lower global oil prices and costs associated with the fight against Islamic State. — Reuters



Source: The Malay Mail Online





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