GE Secures Initial Finance For Iraq Power Plans

General Electric (GE) has closed a $600mn financing agreement with the Trade Bank of Iraq and the UK-based bank Standard Chartered towards construction of more than 2GW of new electricity generating capacity and the revamping of around 6.7GW for Iraq’s dilapidated power sector.

The funding is part of the finance package promised by GE in a preliminary deal signed with the Ministry of Electricity last month ( MEES, 26 October ).

If successful, Baghdad’s agreements with GE and Germany’s Siemens would boost Iraq’s powergen capacity by a massive 25GW.

The need for more capacity was evidenced this summer when blackouts led to riots and cost former electricity minister Qasim al-Fahdawi his job ( MEES, 28 September ). (CONTINUED - 272 WORDS)