Tuesday, June 20, 2006

Iraq: Japan announces $29 million loan for Iraq reconstruction

Japan has announced it would extend low-interest loans to build bridges and roads in a region of southern Iraq from which its troops are expected to withdraw soon.

A foreign ministry statement said the latest loans will total up to 3.35billion yen ($29million) for building bridges and roads in and around Samawa city.

The loans carry an interest rate of 0.75 per cent and must be repaid over 40 years, including a 10-year grace period.