Finance Ministry signs an agreement to finance project of electrical stations maintenance with an international bank

 Baghdad -INA 

Finance Minister Taif Sami signed on Sunday, a loan agreement to finance the maintenance of electric power plants with an international bank.

A statement from the ministry, received by the Iraqi News Agency (INA) said that " Finance Minister Taif Sami signed today, the agreement to finance the maintenance project loan for the Ministry of electricity stations with JPM Bank and in partnership with (GE) General Electric International Inc., within the annual maintenance project (the fifth stage) PUP5/B at a total cost of (257) million dollars".

The statement added that " the signing of the agreement falls within the framework of the fourth axis of Article II / the state budget law, and based on the decision of the Council of ministers No. 23588 for 2023, in which the Ministry of Finance is authorized to sign a loan financing agreement for the project with JPM Bank and guaranteed by the American import and Export Bank (US EXIMBANK)".

According to the statement, the minister of Finance pointed out that "financing the project loan will effectively contribute to increasing the efficiency of electric power plants in Iraq, which will be reflected in favor of raising energy productivity and thus reducing the gap between supply and demand in energy and meeting the needs of citizens in all provinces."

It is worth mentioning that the Ministry of Finance has earlier completed the signing of the fourth and fifth loan agreements to finance the development of the Basra refinery project within the loans of the Japanese agency "JICA", as these loans will sustain and develop infrastructure and strategic projects, in addition to maintaining a high level of growth and optimal implementation of vital and service projects in accordance  

.with the requirements of the government program