Iraqi Cabinet outlines Funding for Investment Projects
The Cabinet held its regular meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.
At the start of the meeting, the Prime Minister thanked health teams for their sacrifices on the front line during the Covid-19 pandemic.
The Cabinet received a briefing from the Minister of Health on the latest developments and the ongoing national effort to combat the pandemic.
Following discussions, the Cabinet decided to:
- Implement a previous decision by the government to award, free of charge, plots of land for health staff who have direct contact with Covid-19 patients
- Direct the Ministry of Higher Education and Scientific Research to allocate additional places on postgraduate courses, outside its current plan for the 2020-2021 academic year, for health staff wishing to pursue further studies
The Cabinet discussed other items on its agenda, and decided to authorise the Minister of Finance to negotiate and sign loan agreements to ensure funding for several investment projects in the electricity and health sectors, as follows:
- A loan to complete a project for the Ministry of Electricity to install (8) turbine refrigeration units and (32) other refrigeration units at a cost of 70,800,000 euros from Siemens
- A loan for the installation and operation of (9) gas turbines for the Wasit power station for the amount of 36,000,000 euros from Siemens for the Ministry of Electricity, funded by Standard Chartered Bankand with a guarantee from the Swedish Export Credit Agency (EKN)
- A loan for the rehabilitation of health services infrastructure in the amount of 185,000,000 euros for the Ministry of Health funded by the German Development Bank (KFW)
- A loan for the rehabilitation of electricity infrastructure in the amount of 400,000,000 euros, for the Ministry of Electricity, funded by the German Development Bank, KFW
- A loan for the multi-annual maintenance project – the fourth stage in the amount of US$120,000,000 implemented by GEwith funding from an international bank and guaranteed by UK Export Finance (UKEF)
- A loan for Babylon’s 400 KV Power Plant Rehabilitation Project, in the amount of 38,000,000 euros, implemented by Sweden’s ABBcompany, funded by JPMorgan Bank and guaranteed by the Swedish Export Credit Agency, EKN
The Cabinet also approved a draft law to ratify the agreement on air transport services between the Republic of Iraq and the United Arab Emirates, and to submit it to the Council of Representatives.