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Monday, April 24, 2017
Nikkei Asian Review reports that state-owned Japan Bank for International Cooperation (JBIC) and the country’s two leading commercial banks — Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking — are preparing to make Japan’s first loan to Iraq in 31 years.The consortium will support an Iraqi government power project with a co-financing deal is worth 53 billion yen (US$480 million). The deal includes purchasing power-related equipment from Japanese companies. JBIC, formerly known as the Export-Import Bank of Japan, stopped all fresh lending to Iraq in 1986 due to the Iran-Iraq War.
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