Iraq, Japan to establish joint reconstruction fund: Iraqi PM's office

“We have completed many urban and service projects in Iraq and we have many ambitious future interests and projects.”

ERBIL (Kurdistan 24) – Prime Minister Adil Abdul-Mahdi on Sunday announced an initiative for further partnership and economic cooperation between the Iraqi and Japanese governments.

Abdul-Mahdi’s comments came in a meeting with Kintaro Sunwara, the special adviser to Japan’s prime minister, and an accompanying delegation in Baghdad.

“Japan will be an excellent partner for Iraq,” the Iraqi prime minister’s office said in a statement. “We have completed many urban and service projects in Iraq and we have many ambitious future interests and projects.”

“Iraq is beginning to regain its stability and play its pivotal role,” the statement continued, and countries around the world “turn to us for their sense of stability and the strengthening of security.”

The Iraqi-Japanese initiative will include economic and urban cooperation between the two governments to establish “a joint fund to finance reconstruction projects through the quantities of Iraqi oil exported to Japan.”

Iraqi Prime Minister Adil Abdul-Mahdi (right) during a meeting with Kintaro Sunwara, the special adviser to Japan’s prime minister, and an accompanying delegation in Baghdad. (Photo: Iraqi PM's Office)
Iraqi Prime Minister Adil Abdul-Mahdi (right) during a meeting with Kintaro Sunwara, the special adviser to Japan’s prime minister, and an accompanying delegation in Baghdad. (Photo: Iraqi PM's Office)

According to Abdul-Mahdi’s office, the initiative will encourage Japanese companies to operate in Iraq and ensure the success of their work, speed up their efforts, and streamline their business.

“This initiative will further strengthen the relationship between the two countries, accelerate reconstruction efforts, establish economic projects, provide employment opportunities for Iraqis, diversify national wealth and reduce dependence on oil, and provide corresponding opportunities for Japan’s presence in the Iraqi market and the region in general,” the statement noted.

Before the joint initiative begins, Iraq will submit a statement outlining the main points of the project through the Japanese Embassy in Baghdad which Japanese authorities will then analyze, it concluded.

Following years of war with the so-called Islamic State, Iraq has called on the international community to provide financial aid and help the country rebuild war-torn cities. Iraq estimates that an approximate USD 88 billion is required.

Since 2014, Japan has provided over $440 million in grants through humanitarian projects by various organizations within the United Nations.