Iraqi Finance and General Electric complete a plan to boost the electric power sector

by **claud39** Sun Apr 11, 2021 10:28 am

Iraqi Finance and General Electric complete a plan to boost the electric power sector

April 11, 2021

Iraqi Finance and General Electric complete a plan to boost the electric power sector 1024

Mubasher: The Iraqi Ministry of Finance and the General Electric Company announced today, Sunday, the completion of the financial aspect of the electric power increase project, the last step to start the financing agreement.

General Electric stated in a statement that it will provide spare parts, repair and services to the electricity stations of Jerusalem, Al-Khairat, southern Baghdad, Hilla, Al-Museeb, Al-Haidariyah and Karbala with the aim of helping to maintain and maintain 2.7 gigawatts of electricity for the Iraqi people.

Twenty gas turbines currently not operating at these sites will be put into operation and returned to service.

The "General Electric" has played a pivotal role in bringing together the Iraqi ministries of finance, electricity and planning with many financial institutions, including the Union for Export Credit in the United Arab Emirates and commercial banks and others in order to secure the necessary financing for the project.

Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade to the UAE and Vice Chairman of the Union Export Credit Company, said: “Open economies and public-private partnerships can play a pivotal role in supporting countries’ endeavors to develop critical infrastructure.

Muzaffar al-Jubouri, Ambassador of the Republic of Iraq to the UAE, said: “The recent visit of Mustafa Al-Kazemi, Prime Minister of the Republic of Iraq to the UAE, confirms the close relations between the two brotherly countries, and coincides with the increasing focus of the UAE to invest in Iraq to support social progress And the economy of the country.

Khalid Murad, Director General of the Public Debt Department at the Iraqi Ministry of Finance, said, "There are many opportunities to boost the Iraqi energy sector through more investments, and we look forward to continuing to focus on developing similar value cooperation activities in the future."

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