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Preparing a draft agreement between Iraq and an American bank to finance electricity projects
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Baghdad Today - Baghdad
Today, Wednesday (September 13, 2023), the Minister of Electricity, Ziad Fadel, instructed the preparation of a draft financing agreement with an American bank and its projects in the field of energy in Iraq.
A statement from the ministry received by “Baghdad Today” stated that Fadel received the CEO of the American company Stellar, Peter Gibson, and his accompanying delegation, and they reviewed the official direction of the ministry, which includes providing facilities to international companies working in the field of electricity, as it is a vital sector on which the economic and service sectors depend. “It has a direct impact on people’s lives, their economy, and their livelihood.”
He explained, "The importance of concluding financing agreements with the American Export Bank for projects agreed upon to be implemented in the Kirkuk gas stations and Al-Sadr gas stations, and our success in partnership will be an important gateway to other projects," stressing that "we are working in parallel with investing in gas fields to install stations that contribute to increasing production rates, and expand transportation networks to achieve Capacities that keep pace with energy discharge.
The Minister of Electricity pointed out, “The increase in demand for electricity is putting pressure on us to accelerate the resolution and signing of financing agreements, and to facilitate the procedures of the American Bank with the Ministry of Finance.”
Fadel instructed "to hold continuous meetings with the Department of Planning and Studies to prepare the draft agreement and its projects, and the size of each party's obligations and within specific time frames."
For his part, the president of the American company Stellar expressed his "happiness with the interest of the government and the ministry in opening the way for the company," declaring "their readiness to provide all their capabilities to complete utility electricity projects."
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