2023-11-12T07:24:22+00:00
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/ The Minister of Finance, Taif Sami, signed today, Sunday, an agreement to finance the loan for the maintenance project for the Ministry of Electricity’s stations with JPM Bank, 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.
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 of the United States ( US EXIMBANK).
The Minister of Finance indicated during the signing ceremony 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.”
It is worth noting that the Ministry had previously completed the signing of the fourth and fifth loan agreements to finance the Basra Refinery Development Project within the loans of the Japanese “JICA” agency, as these loans will work to sustain and develop the infrastructure and strategic projects in addition to maintaining a high level of growth and optimal implementation of the projects. Vitality and service according to the requirements of the government program.