World Bank loan for Iraq’s power sector
October 3, 2010 - 11:44:58
BAGHDAD / Aswat al-Iraq: A second batch of a World Bank loan to Iraq, to exceed $741 millions, would 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 batch of which had reached $440 million and was allocated to finance the reconstruction projects, while the second batch, reaching $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 World Bank third batch three months after receiving its second.
SKH (P)/AmR
October 3, 2010 - 11:44:58
BAGHDAD / Aswat al-Iraq: A second batch of a World Bank loan to Iraq, to exceed $741 millions, would 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 batch of which had reached $440 million and was allocated to finance the reconstruction projects, while the second batch, reaching $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 World Bank third batch three months after receiving its second.
SKH (P)/AmR