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UK export agency OKs $117 mln in finance for Iraq power projects

Published: Updated:

Britain’s export credit arm has announced $117 million in financing for General Electric and training provider Enka UK to help build two gas power projects in Iraq.

UK Export Finance will support the early stages of construction of two GE-powered, 750-megawatt, gas-fired power plants in southern Iraq, a British government statement said.

Though Iraq is a major oil producer, the country faces chronic electricity shortages, with its fragile grid struggling to meet demand after years of war, sanctions and neglect.

Britain agreed in March to arrange $13 billion (10 billion pounds) in loans to finance infrastructure projects in Iraq over 10 years, a program that would benefit only British companies.