The UK Government has revealed that its Export Finance agency (UKEF) will fund $1bn towards major power projects in Iraq.
$620m will be invested in a contract between General Electric (GE) and Iraq’s Ministry of Electricity to build two new power stations in Dhi Qar and Samawa, located near Basra in the South if Iraq, an area which often struggles with electricity shortages.
An additional $400m will be invested to fund contracts with GE’s Grid Solutions for the restoration of 14 substations throughout Iraq.
Trade minister, Baroness Fairhead commented on the deal, “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.”
Source: Global Construction Review