Iraq borrowed 500 million euros from a German bank for electricity
Iraq borrowed 500 million euros from a German bank for electricity
2017/11/24 14:49
[Ayn-Baghdad]
The Ministry of Finance signed with the German Development Bank the first phase of the German loan of 500 million euros to the Ministry of Electricity.
“In the presence of the Minister of Electricity Qassem Mohammad Al-Fahdawi and the Secretary General of the Council of Ministers Mahdi Al-Alak, the Ministry of Finance, represented by the Ministry’s Undersecretary Maher Johan, signed with the German Development Bank The first phase of the German loan of 500 million euros, of which 45 million euros for the Ministry of Electricity for the current year 2017, and 85 million euros for the next year 2018.
“The loan was allocated to a number of ministries, the share of the Ministry of Electricity 130 million euros over the current year and the next, and the first part of the loan of 45 million euros was allocated to cover the needs of liberated areas in Nineveh province to qualify transformer and secondary stations and lines in the transport and distribution.
He added that the second part of the loan, amounting to 85 million euros, was allocated to cover the needs of the provinces of Anbar, Salahuddin and Nineveh of materials for the sectors of transport and distribution, “stressing that” the purpose of this loan is to secure the return of displaced people from these provinces. ”
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