JP Morgan lends Iraq $257 million to maintain power facilities
The Rumaila Power Plant in Iraq. Photo: Rumaila Operating Organization
Baghdad (IraqiNews.com) – The Iraqi Minister of Finance, Taif Sami, signed an agreement on Sunday with JP Morgan Chase & Co. to finance a maintenance project for power plants.
The agreement was signed in partnership with General Electric (GE), according to a statement cited by the Iraqi News Agency (INA).
The project will contribute effectively to increasing the efficiency of power plants in Iraq, which will raise energy production, close the gap between supply and demand for energy, and fulfill the demands of the people throughout the country.
Iraq’s electricity grid has been harmed by several conflicts and decades of poor management. There are frequent power outages in Iraq, particularly during the hot summer months, which forces many people to rely on diesel generators or endure temperatures beyond 50 degrees Celsius (122 degrees Fahrenheit).
Iraq produces about 23,000 megawatts of electricity, while the country needs about 35,000 megawatts to secure electric power around the clock.
According to experts, addressing the electricity crisis would have a positive impact on various productive, service, and development sectors in Iraq, enhance political and social stability, and attract investments.