Baghdad, Iraq- The Iraqi Ministry of Finance has secured a $95-million term loan to support the construction of five electrical substations in northern and southern Iraq. The financing is backed by a full guarantee from UK Export Finance (UKEF), covering both political and commercial risks.
The funds will be utilized by the Ministry of Electricity to procure equipment from the United Kingdom, aimed at strengthening Iraq’s power infrastructure. The supplier of the equipment has not been disclosed.
Officials emphasized the significance of the agreement in driving Iraq’s economic progress through infrastructure development. The financing arrangement reflects a commitment to addressing Iraq’s energy needs while fostering long-term growth and stability.
The project aligns with broader efforts to modernize Iraq’s electricity sector, ensuring reliable energy supply to support industries and communities across the country.
