| 2007: $150 million Japanese loan for Kurdistan's electricity |
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October 27, 2007 Japan will grant the Ministry of Electricity in the Kurdistan Regional Government (KRG) a $150 million soft loan to further improve the power grid in the northern region, according to a UN statement. "The United Nations Development Programme (UNDP) and the Japan Bank for International Cooperation (JBIC) have signed a landmark agreement following a Memorandum of Understanding between UNDP and JBIC," read the statement that was published on the United Nations' official website on Friday. "In accordance with this new agreement, UNDP will establish a facility to support the provision of $150 million in soft loans from JBIC to Iraq, which will primarily support the Ministry of Electricity of the Kurdistan Regional Government in its efforts to reconstruct electricity networks in Northern Iraq," the statement explained. "These soft loans mark the first installment of a $3.5 billion pledge made by the government of Japan at the 2003 Madrid Donor's Conference. This will serve as a model allowing UNDP and JBIC to explore opportunities for similar agreements around the globe," the statement concluded. Source: Voices of Iraq |