The UK government has announced it will provide $1bn for firms to build two power stations and restore a number of substations across Iraq.
The UK Export Finance (UKEF) agency is providing $620m in funding for contracts between General Electric (GE) and Iraq’s Ministry of Electricity for power stations in Samawa and Dhi Qar, both northwest of Basra, in the south of the country.
Another $400m will be spent on contracts with GE’s Grid Solutions, to restore 14 substations. UKEF said in a press statement that the substations would “increase the capacity of the Iraqi electricity grid”, and the power stations would give “citizens the access they need to critical infrastructure”.
Baroness Fairhead, a trade minister, said: “The scale of these contracts illustrates the demand for British expertise in the utilities sector and the level of support the government can give to British businesses looking to make the most of similar opportunities across the globe.
“The UK government continues to be committed to Iraq’s economic development and I am delighted that UKEF is supporting projects that will have such a direct impact on improving the country’s critical infrastructure and the lives of the Iraqi people.”
In 2017, UKEF signed a memorandum of understanding with Iraq to provide critical infrastructure in the country.
Source: Golbal Construction Review, 29 January 2019 | By Joe Quirke0 Comments