Iraq signs an agreement with an international bank to finance a power plant maintenance project
Iraq signs an agreement with an international bank to finance a power plant maintenance project
11-12-2023
Information/Baghdad..
Today, Sunday, Finance Minister Taif Sami signed a loan agreement to finance the electric power stations maintenance project with Dole Bank.
A statement from the ministry, received by the Maalouma Agency, stated, “Today, Finance Minister Taif Sami signed an agreement to finance the loan for the maintenance project for the Ministry of Electricity’s stations with JPM Bank and in partnership with (GE) General Electric International Inc., within the annual maintenance project (fifth phase) PUP5.” /B, at a total cost estimated at (257) million dollars.”
He added, “The signing of the agreement falls within the framework of the fourth axis of Article Two / the State General Budget Law, and based on Cabinet Resolution No. (23588) of 2023, in which the Minister of Finance is empowered to sign the loan financing agreement for the project with JPM Bank and with the guarantee of the Export-Import Bank.” American (US EXIMBANK).
The Minister of Finance indicated, according to the statement, that “financing the project loan will contribute effectively to increasing the efficiency of electric power generation plants in Iraq, which will reflect in the interest of raising energy productivity and thus reducing the gap between energy supply and demand and meeting the needs of citizens in all governorates.”
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