Iraq raises $2.1bn to fund electricity projects

18 March 2010

Iraq's finance minister, Bayan Jabor has said that the country has raised $2.1bn from local banks to fund electricity projects, Reuters has reported. In 2008, Iraq signed multi-billion dollar deals with General Electric and Siemens to add nearly 9,000 megawatts of capacity over the next few years. Iraq's current electricity capacity is 7,500 megawatts, far short of the country's requirement of 12,000 megawatts.

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