Iraqi central bank gov. urges Japan to provide loans, investment

TOKYO, Jan. 20 Kyodo - Iraqi Central Bank Governor Sinan Al-Shabibi has emphasized his country's economic recovery and urged Japan to provide loans for enhancing the banking sector and investment in oilfield development to support Iraq's postwar
restoration efforts.

Iraqi economic growth ''has been good,'' he said in an interview with Kyodo
News on Tuesday in Tokyo. ''I think we are achieving economic stability.''
Iraq achieved economic growth of ''about 6.5 percent'' last year while cutting
the inflation rate to ''about 8 percent'' from more than 50 percent three years
ago, he said.
Al-Shabibi thanked Japan for forgiving 71 billion yen or 80 percent of its
public loans to Iraq and providing 154 billion yen in grant aid by last summer.
At the same time, the central bank governor noted Iraq must enhance its banking
sector for the development of non-oil sectors. ''We want Japan to play an
important role,'' he said.
Al-Shabibi also noted Japanese companies may find abundant investment
opportunities in Iraq rich with undeveloped oilfields.
On security fears, he said, ''You can't wait until you have 100 percent
security. You will lose an important business chance if you don't act
quickly.''
==Kyodo