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Finance expects first phase of loan agreement with German Development Bank
22:45 - 23/11/2017
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The Finance Ministry signed on Thursday the first phase of a loan agreement with the German Development Bank worth half a billion euros to finance projects related to the electricity sector.
"The first phase of the loan will be 45 million euros (53.1 million dollars), to finance the power plants in Mosul," Finance Ministry Undersecretary Maher Hammad Johan said at a press conference on the sidelines of the signing of the contract, without giving further details on the repayment periods. Loan, or interest rate on the Iraqi side, according to the Nina agency.
The infrastructure of the electricity sector has suffered financial losses estimated at millions of dollars, after the exposure of production and conversion stations in the provinces of Nineveh, Anbar and Salah al-Din during the fighting against the organization is calling.
The German bank and the Iraqi government signed a loan agreement in Baghdad last February, to be used for the reconstruction of state-owned infrastructure, especially the areas that have been restored from Dahesh.
The loan will provide financing for the modernization of basic services in the water, health, energy and transport sectors, to contribute to restoring stability to the areas restored from the prelude to the return of its population.
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