Japan Approves $100 Million Loan for Iraq

News ID: 1321360 Service: Other Media
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TEHRAN (Tasnim) - Japan has approved a loan of about $100 million to support humanitarian, counter-terrorism and infrastructure projects in Iraq, a Japanese embassy statement said on Tuesday.

Japan last month agreed to lend Iraq up to 27.2 billion yen ($240 million) to rebuild damaged electricity infrastructure in areas recaptured from Daesh.

Iraq's economy has been hit by the plunge in world oil prices since mid-2014 and the country is expected to have a financing gap of 21 trillion dinar ($17.8 billion) this year unless it can secure more funding, an IMF document obtained by Reuters last year showed.

The cost of fighting Daesh terrorists is another burden on the budget.

Iraq is fighting to drive Daesh militants from the north of the country.

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