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Iraq receives US$750mn loan

Iraq will receive loans from Japan totalling US$750mn to help rebuild the countrys damaged and ageing infrastructure, after Japans rime Minister Yoshihiko Noda met with Iraqi leader Nouri al-Malik.

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The loan money will go toward refurbishment of oil refineries and other infrastructure and health care projects, according to the Japanese foreign ministry.

Japan has eagerly sought to strengthen its ties with Iraq by offering reconstruction support as the Asian economy relies heavily on the Middle East for its oil needs.

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