World Bank Financing Iraq's Power Generation

A second tranche of a World Bank loan to Iraq, amounting to $741 million [890 billion Iraqi dinars], will be allocated for the improvement of the country’s electricity sector, an Iraqi academician and economist said on Sunday.

“The agreement between Iraq and the World Bank offered Iraq a $3.6-billion credit, the first tranche of which reached $440 million and was allocated to finance reconstruction projects, while the second tranche of $741 million, was allocated to rehabilitate the electricity sector,” Hilal al-Ta’an told Aswat al-Iraq news agency.

The World Bank credit would have a positive impact on the Iraqi economy in general and the service sector in particular, Ta’an said.

“Iraq had already met its commitments towards the World Bank terms in order to get that credit at the lowest possible interest rate, not exceeding 1%,” he said.

He added that Iraq would get the third tranche of financing three months after receiving the second.

(Source: Aswat al-Iraq)

One Response to World Bank Financing Iraq's Power Generation

  1. jonathan ogena 25th March 2011 at 19:43 #

    Its a great deal for Iraqi government to improve their energy resources , ties with the World Bank.