The Japan International Cooperation Agency (JICA) has agreed to provide the Iraqi government with a $380mn loan to rehabilitate the Khor al-Zubair port, which is being developed as a major oil products hub by BP. The loan brings to $4.4bn the total amount of soft loans accorded to Iraq by Japan.
The project is among several that have involved Japanese funding and contractors to restore Iraq’s sea ports and oil terminals, which have suffered from neglect after three decades of wars and sanctions, and are hampering Iraqi efforts to boost oil exports and generate enough revenues for its reconstruction effort (see map). (CONTINUED - 1213 WORDS)
