To overcome the power outages .. International Finance lend Iraq $ 375 million

by **Ponee** Sat Apr 30, 2016 6:44 pm

Orbit News -

The International Finance Corporation, a member of the World Bank Group, for providing funding worth $ 375 million for Mass Global Energy in Sulaimaniyah, one of Iraqi companies in the energy field, in order to provide electricity to millions of people across the country, particularly in the Kurdistan region of Iraq, where the strain migrant crisis energy infrastructure.

The foundation said in a statement, said that this investment is part of a larger effort by the International Finance Corporation to support the development of infrastructure in Iraq, which require lifting capacity of electricity production by an estimated 70% to meet the current demand only.

She added that this investment is part of its strategy to support countries affected by conflicts, as investment in the private sector is essential to re-establish and improve infrastructure and create jobs and promote growth.

This includes innovative financing, which includes a range of loan and investment in equity and $ 250 million from the special account of the institution and the amount of $ 125 million from Bank Audi, in what is the first syndicated Islamic loan institution.

It is scheduled to Mass Global Energy Company used in Sulaymaniyah this funding to add a capacity of 500 megawatts to the electricity production plant with a capacity of 1,000 megawatts in the Kurdistan Iraq region, which will contribute to the provision of electricity to about 3 million people, will also support the funding of new power production plant near Baghdad, which will supply the Iraqi capital , about half of its electricity needs.
for his part, Philippe Le Horo, CEO of the international finance Corporation , said 'that an investment such as this is crucial in a country disrupted by years of war and neglect its infrastructure, resulting in a daily outages in electricity and impeding economic growth. ' He added that a large pressure in the Kurdistan Iraq region as a result of the flow of more than one million Iraqis are internally displaced and 250,000 Syrian refugees in recent times, and expected that this project opens the way for more private sector investment in Iraq, and promote economic development in the long term, as well as dumping light on the role of the private sector to fill the gaps in infrastructure in areas surrounded by challenges. For his part, Nechirvan Idris Barzani, Prime Minister of the Kurdistan region of Iraq , said that the current interruptions in electricity not only affect the lives of our people, but also impede the productivity of companies, which negatively affects the economy and create jobs.

So this investment, led by the International Finance Corporation, will help raise the Qdro region for electricity production also will provide financial liquidity badly needed for the country.

Said Ahmad Ismail, chairman of Mass Global Energy Company in Sulaimaniyah, 'We appreciate the institutions such as the International Finance Corporation, which has doubled its efforts to invest in such an important sector and the energy sector, especially in challenging areas. Therefore, increase energy production in Iraq is vital for the time being, and that our partnership with the International Finance Corporation and Bank Audi will help to achieve this and add 500 megawatts to the national grid. '

Said Raymond Audi, Chairman of Bank Audi management 'This is the first major investment for the bank in Iraq. We are pleased to show our support for the project is important and vital infrastructure project like this. We look forward to further cooperation with Mass Global Corporation and the International Finance Corporation as well as the expansion of Iraq '.

IFC has invested over the past five years, two billion dollars in infrastructure projects in countries affected by conflict, including syndicated loans with other investors.

http://www.almadarnews.info/index.php?page=article&id=10520

by **Ponee** Sat Apr 30, 2016 6:45 pm

DUBAI, April 28 ( Reuters ) - International Finance Corporation (IFC) , the World Bank's private sector investment arm, said on Thursday it had arranged $375 million in financing for an Iraqi power company to provide electricity to millions of people in Kurdistan and Baghdad.

The company, Mass Global Energy Sulimaniya, will use the funds to add 500 megawatts of capacity to a 1,000-megawatt power plant in Kurdistan, providing power to 3 million people. It will also help complete a new power plant near Baghdad that will supply about half of the Iraqi capital's electricity requirements.

The debt and equity package, which includes $250 million from IFC and $125 million from Bank Audi , Lebanon's biggest lender by assets, includes IFC's first Islamic syndicated loan.

The investment in Kurdistan will help boost infrastructure in a part of Iraq that is struggling following an inflow of more than 1 million internally displaced Iraqis and 250,000 Syrian refugees, IFC said in a statement.
"One of IFC's objectives is to promote investment in conflict-affected countries and Iraq is one of those countries as it faces security, migrant and power challenges," Dimitris Tsitsiragos, IFC's vice president of global client services, told Reuters in an interview.

Years of war and lack of investment have crippled Iraq's power infrastructure, causing frequent blackouts and stifling economic growth.

The financing is part of IFC efforts to support infrastructure development in Iraq, which needs to raise power generating capacity by an estimated 70 percent to meet current demand, the IFC said.
It has provided funding for around 10 projects to date in Iraq covering telecoms, industry, water and hotels among other sectors, and is looking at further investment opportunities in the power and manufacturing sectors, said Tsitsiragos.

http://iraqdailyjournal.com/story-z13010066

by **Ponee** Mon May 02, 2016 6:51 am

Promises and corruption concerns

Summer is approaching, and high temperatures put the concerned authorities before the work to produce ample amounts of electricity, and reduce the decline to the level of Baghdad and the provinces ratios responsibilities, but the most dangerous in this matter to ignore the Ministry of Electricity this reality, and start talking about the repeated problems in the national system of electricity, starting from maintenance problems, and delay the completion of major electricity projects, as well as inflation, corruption problems, and the end of the exit electrical Readiness for controlling various reasons!

Repeat the same problems and the absence of operational solutions will cause a repeat of this crisis, and what puts the citizen in front of repercussions, poor management, and the use of forced into the civil service by generators that are, unfortunately, the phenomenon reflects the magnitude of this crisis, the extent of corruption and indiscriminate in the Ministry of Electricity and its departments institutions, and perhaps talk Alumblyarah for the amounts that have been allocated to deal with reality and rehabilitation of electric networks and carrier lines raises questions not limitless, and calls for everyone to deal with electrical services in the context of Protozoa posed by the Iraqi street today within the reform and tackle corruption and the corrupt programs.

Talk about the limited production of the national system and increase the loads during the summer season requires scientific processors, not solutions prosthesis, just requires a real review of the crisis has become closer to (the national tragedy) and for more than thirteen years.

The Ministry of Electricity plans to develop the productive sectors and the transfer of power were not realistic Unfortunately, with every summer recurring problem, and re talking about the failures and deterioration of services, with the media data to justify, under various pretexts, some talking about the problems in maintenance without any accountability for those responsible for it, although these both maintenance of Atbdo but with the imminent summer, and others are talking about the lack of allocations with a file indicate the extent of corruption in the history of these customizations, and there is talk of the fuel crisis and scarcity, and without coordination between the Ministry of Electricity and its departments and between the oil ministry.

With the promises that we hear about the improved hours of processing in the summer season, it seems that it will remain pending, and within the Wishlist that production volumes will reach 16 thousand megawatts during the next month of June, as we find ourselves today amid extremes, and the repercussions of inescapable, even without the presence of programs and plans The projects put the central problem of electricity in the provinces front steps and processors courage regarding the nature of electrical services, and even thinking B_khasstha as treatment realistic after it failed to come up with the official authorities about any real action to save.

http://economy-news.net/content.php?id=3236

To overcome the power outages .. International Finance lend Iraq $ 375 million

To overcome the power outages .. International Finance lend Iraq $ 375 million

Re: To overcome the power outages .. International Finance lend Iraq $ 375 million

Re: To overcome the power outages .. International Finance lend Iraq $ 375 million