Baghdad (IraqiNews.com) – The Japanese Ambassador to Iraq, Matsumoto Futoshi, confirmed on Saturday that Japanese loans contributed to the accomplishment of more than 30 projects in Iraq over 20 years.

In a statement to the Iraqi News Agency (INA), Futoshi stated that Japan encourages Japanese companies to establish partnerships and contribute to the development in Iraq.

Several well-known Japanese corporations, such as Suzuki Motor Corporation, are attempting to form alliances with Iraqi businesses, according to Futoshi.

The Japanese ambassador indicated that a Japanese company specializing in manufacturing construction machines is discussing the establishment of a partnership with Iraq.

“The Japan-based Hoya Corporation, specializing in optical products, has already had a significant impact on the Iraqi market,” Futoshi said.

The Japanese diplomat clarified that Japan provides loans to support development in Iraq, including refinery, water, and energy projects, at an interest rate of 0.2 percent for ten years.

Last Sunday, the Iraqi Finance Ministry and the Japan International Cooperation Agency (JICA) inked a loan finance deal for the 6th phase of the Basra refinery development project.

The loan worth around $380 million will help Basra refinery produce $8 million worth of oil products per day, leading to huge benefits for Iraqi people as well as for Iraq’s financial stability, according to the Japanese embassy in Iraq.