By John Lee.
Dimitris Tsitsiragos, the Vice President of the World Bank‘s private sector investment arm, told Reuters on Thursday that the bank had arranged $375 million in financing for an Iraqi power company.
The International Finance Corporation (IFC) will provide a debt and equity package of $250 million, with another $125 million from Lebanon’s Bank Audi.
Mass Global Energy Sulimaniya will use the financing to add 500 megawatts of capacity to a 1,000-megawatt power plant (pictured) 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 requirements.