Energy giant tasked with revitalising economy
GE has signed a Principles of Cooperation (POC) deal with the Iraqi Ministry of Electricity to develop the country’s power sector and revive the country’s economy.
The plan is expected to generate up to 14 gigawatts (GW) of power, create up to 65,000 direct and indirect jobs, support the government to realize savings and recoverable losses of up to $3 billion per year, establish a local technology center and support water and healthcare access.
The POC was signed by Minister Qasim Al Fahdawi, Iraq’s Minister of Electricity, and Joseph Anis, President & CEO of GE’s Power Services in Africa, South Asia and the Middle East.
The comprehensive plan builds on GE’s legacy of continuous presence and commitment to bring progress to the people of Iraq over the past 50 years, and is comprised of the following key tenets:
GE will assist the Government of Iraq to unlock financing for these projects through its extensive relationships with Global Export Credit Agencies and financial institutions.
As part of the proposals included in the POC, as well as GE’s commitment to a shared future and the progress of the Iraqi people, the company also expects to:
Mussab Almudaris, Official Spokesperson of the Iraqi Ministry of Electricity, said: “Our focus is on rebuilding Iraq to provide stable, sustainable development for our people, and developing the electricity sector is a critical component of these efforts.
“GE’s action plan is an ideal fit for our needs, offering a holistic package that brings industry-leading technologies, financing and social services to meet our most critical immediate and long-term needs.”
Russell Stokes, President & CEO of GE Power said: “Our presence in Iraq is based on a history of trust, partnership and success that spans over 50 years.
“We are honoUred to support the government’s focus on rebuilding Iraq, and we are proud of our legacy of delivering power where needed in the country.
“We understand how important it is to deliver power immediately and our holistic action plan brings together advanced solutions, financing, local investments, trainings and social services that are expected to benefit families, businesses and industries across Iraq.”
Read more: Iraqi Port in Line for Massive Makeover