The loan for the Development Works is being financed by UK Export Finance (UKEF). J.P. Morgan is acting as the Facility Agent and Mandated Lead Arranger for this initial loan on behalf of UKEF to The Kurdistan Regional Government.
Rt Hon. Greg Hands MP, Minister for Trade and Investment, said:
“This is great news for Biwater and for British exports, and I am delighted that UKEF is financing this hugely important contract. It shows what is possible when British technical excellence receives the right government support at the right time. The project will bring much needed benefits to Kurdistan and also offer substantial opportunities for supply chain companies based here in the UK.”
Welcoming the water project and the loan agreement, Kurdistan Prime Minister Nechirvan Barzani said:
“This is a significant step that will help improve the daily lives of the citizens of Erbil and Sulaimani. It is also the first time the UK government has provided a direct loan to the KRG to boost our infrastructure. We hope this initial loan will pave the way to attracting finance for the next stage of this important project. We also appreciate the high-level backing this project has received from the UK government, highlighting the close and fruitful relationship between the UK and the Kurdistan Region.”