UK to finance $810m Iraq water network project

02 July 2018
UK export credit agency will provide 85 per cent of capital expenditure required for stormwater and sewage network

The UK export credit agency, UK Export Finance (Ukef), will provide 85 per cent of capital expenditure financing for a planned $810m storm and sewage water network system in Iraq.

The project will involve the supply, installation and operation and maintenance of a storm and sewage water network, with trunk lines and 33 pump stations for Hilla city centre in the Babel governorate.

The Iraqi government will fund the remaining 15 per cent capital expenditure from the federal budget.

The Ministry of Construction, Housing, Municipalities and Public Works Ministry will oversee the project. The Ministries have already invited contractors to submit prequalification entries for the project, with contractors having submitted prequalification documents in May.

This is the second major project that the UK has pledged to finance in Iraq this year. In February, the UK’s Minister of State for Trade and Export Promotion, Rona Fairhead, announced that Ukef would provide support for $210.8m for part of a $1bn contract for the US’ GE to provide equipment and maintenance services for 10 power plants in the country.

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