Iraqi Ministry of Finance and GE Mark Financial Close of Power Up Plan 4 to Strengthen Iraq’s Electricity Sector – MENAFN.COM

Iraqi Ministry of Finance and GE Mark Financial Close of Power Up Plan 4 to Strengthen Iraq’s Electricity Sector – MENAFN.COM

(MENAFN - Mid-East. Info) Baghdad, Iraq: The Iraqi Ministry of Finance (MOF), GE and their financial partners today celebrated the financial close - a critical milestone that marks the final step of a loan agreement becoming effective - of the Power Up Plan 4 (PUP4). Under PUP4, GE will provide capital and spare parts, repairs and services to the Qudus, Khairat, Baghdad South, Hilla, Mussayab, Haidariya and Karbala power plants to help maintain more reliable generation of up to 2. 7 gigawatts (GW) of electricity for the Iraqi people. As part of these efforts, 20 gas turbines that are currently not operational at these sites will also be returned to service. GE played a key role in bringing the Iraqi Ministries of Finance, Electricity and Planning together with various financial institutions, including export credit agencies, commercial banks and others, to secure financing for the project. H. E. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and Deputy Chairman of Etihad Credit Insurance (ECI) Board of Directors said, 'Open economies, trade and public private partnerships can play a strong role in supporting countries to develop critical infrastructure. This is highlighted by the Power Up Plan 4,