Iraq raises $2.1bn to fund power projects

Iraq has raised $2.1 billion (Dh7.7bn) from local banks via a reopened one-year treasury bond issue to fund electricity projects, the country's finance minister said yesterday.

Iraq issued the second tranche last week after it sold a first tranche worth more than $3bn at the end of last year, Bayan Jabor said.

"We issued the treasury bonds... to fund the electricity ministry," Jabor told reporters.

In 2008, Iraq signed multi-billion dollar deals with General Electric of United States and Siemens to add 9,000 megawatts of capacity over the next few years.

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