Iraq poses bonds to finance projects of electricity production
MENAFN - MENAFN -- 18/03/2010 18/03/2010
(MENAFN) The Iraqi Finance Minister said that his country has raised $ 2.1 billion dollars from local lenders through the issuance of treasury bonds for the year, in order to finance projects that generate electricity.
The Iraqi government has signed agreements in 2008, billions of dollars with General Electric and Siemens to add about nine thousand megawatts of energy the country's electricity in the coming years.
He headed Iraq to search for new ways to fund these agreements, after the significant decline of oil revenues over the past year and forced to reduce its budget last year three times.
The minister pointed out that the Iraqi government recently issued a second package of bonds sold after the end of last year package worth three billion dollars. <--well guru's saying iraq never sold bonds before...WRONG AGAIN!!!
The capacity of Iraq's current 7,500 megawatts of electricity, which is significantly lower than the needs estimated at about 12 thousand MW, forcing the national electricity grid to determine a few hours to provide the country with electricity.
