IFC arranges $375 mln in financing to boost Iraq’s power sector

DUBAI, April 28 International Finance
Corporation (IFC), the World Bank’s private sector
investment arm, said on Thursday it had arranged $375 million in
financing for an Iraqi power company to provide electricity to
millions of people in Kurdistan and Baghdad.

The company, Mass Global Energy Sulimaniya, will use the
funds to add 500 megawatts of capacity to a 1,000-megawatt power
plant in Kurdistan, providing power to 3 million people. It will
also help complete a new power plant near Baghdad that will
supply about half of the Iraqi capital’s electricity

The debt and equity package, which includes $250 million
from IFC and $125 million from Bank Audi, Lebanon’s
biggest lender by assets, includes IFC’s first Islamic
syndicated loan.

The investment in Kurdistan will help boost infrastructure
in a part of Iraq that is struggling following an inflow of more
than 1 million internally displaced Iraqis and 250,000 Syrian
refugees, IFC said in a statement.

“One of IFC’s objectives is to promote investment in
conflict-affected countries and Iraq is one of those countries
as it faces security, migrant and power challenges,” Dimitris
Tsitsiragos, IFC’s vice president of global client services,
told Reuters in an interview.

Years of war and lack of investment have crippled Iraq’s
power infrastructure, causing frequent blackouts and stifling
economic growth.

The financing is part of IFC efforts to support
infrastructure development in Iraq, which needs to raise power
generating capacity by an estimated 70 percent to meet current
demand, the IFC said.

It has provided funding for around 10 projects to date in
Iraq covering telecoms, industry, water and hotels among other
sectors, and is looking at further investment opportunities in
the power and manufacturing sectors, said Tsitsiragos.

(Reporting By Tom Arnold; Editing by Susan Fenton)

This article is automatically posted by WP-AutoPost Plugin

Source URL:http://www.reuters.com/article/ifc-iraq-power-idUSL5N17T5RY


Reuters Newsmaker: Billionaire Cuban debates economist over AI

November 16, 2017 mmayha 0

Reuters Newsmaker: Billionaire Cuban debates economist over AI 8:46pm EST – 02:23 Billionaire Mark Cuban and Moody’s chief economist Mark Zandi debate whether artificial intelligence or increased immigration will have the biggest lasting impact on […]


Hot trends in fintech for 2018

November 16, 2017 mmayha 0

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to […]


Capitalize on China's consumers with Alibaba and JD.com, says Kevin Kelly

November 16, 2017 mmayha 0

Capitalize on China's consumers with Alibaba and JD.com, says Kevin Kelly Friday, November 10, 2017 – 04:48 Kelly & Co’s managing partner tells Reuters’ Fred Katayama about the attractiveness of the consumer markets as Alibaba […]

Be the first to comment

Leave a Reply