With the possibility of external financing, Iraq signs two memoranda of understanding with the United States on electricity and trade.
With the possibility of external financing, Iraq signs two memoranda of understanding with the United States on electricity and trade.
2025-04-09 06:38
Shafaq News/ Iraq signed two memoranda of understanding with the American Chamber of Commerce on Wednesday in the fields of electricity and trade, including the provision of external financing from international banks.
The media office of Iraqi Prime Minister Mohammed Shia al-Sudani said in a statement received by Shafaq News Agency, “Al-Sudani sponsored the signing ceremony of a memorandum of understanding, within the framework of the principles of cooperation with GE Vernova , which includes projects for combined-cycle gas-fired power plants with a capacity of approximately 24,000 megawatts, in a plan that is the largest and most modern in the history of Iraq, with the possibility of securing external financing from international banks.”
“ Also, in the electricity file, Al-Sudani sponsored the signing ceremony of a second memorandum that included the principles of cooperation between the Ministry of Electricity and the UGTRenewable group to establish an integrated solar energy project with a capacity of 3,000 megawatts, battery energy storage systems of up to 500 megawatts/hour, modernizing electricity transmission and distribution lines, and establishing up to 1,000 km of new infrastructure for high-voltage direct current transmission, in addition to a two-year period of technology transfer, training, operation and maintenance, with financing from the US Export-Import Bank, the British Export Agency, and JP Morgan as the organizing bank,” he added.
The Prime Minister also sponsored the signing ceremony of a third memorandum of understanding between the Federation of Iraqi Chambers of Commerce and the American Chamber of Commerce, as part of strengthening and enhancing bilateral economic cooperation.
The statement continued, “The memorandum includes nine articles aimed at expanding communications between institutions, companies, organizations, and businesspeople in Iraq and the United States, strengthening existing economic, cooperative, scientific, and technological relations, and developing cooperation between small and medium-sized enterprises in the two countries.”
shafaq.com
