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Authorization of Fuad Hussein signing contracts to rehabilitate power plants

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Authorization of Fuad Hussein signing contracts to rehabilitate power plants

Post by claud39 on Sun Dec 30, 2018 7:55 am


[size=32]Authorization of Fuad Hussein signing contracts to rehabilitate power plants[/size]

The Iraqi cabinet on Sunday authorized Finance Minister Fouad Hussein to sign an agreement to finance projects to rehabilitate electricity plants worth 120 million euros.

"The Cabinet authorized Finance Minister Fuad Hussein or his authority to sign a loan agreement with Standard Chartered Bank for the benefit of the Ministry of Electricity and a sum of 120 million euros," the Cabinet Secretariat said in a statement.

The statement added that "the loan aims to finance the project to rehabilitate the power plants Rumaila in Basra and Sadr in Baghdad and Kirkuk, with Siemens German".

"The loan, which will be guaranteed by the German Export Guarantee Corporation, will be paid within six years and one month, and a grace period of 13 months. The repayment will be made over five years in semi-annual installments. The interest is calculated at € 85 million at a fixed rate of 0.51% .


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