The Trade Bank of Iraq (TBI) announced today that the Erbil power plant they helped finance is now working.
At present, the power plant provides the Erbil area with 16 hours' electricity per day and by the end of August it will supply electricity 24 hours per day: 500 megawatts of electricity per hour, which is 14% of the current Iraqi network and 36% of the electricity needs of Iraqi Kurdistan.
Beforehand the construction of this power plant, the electricity situation in the area was very bad: in summer Erbil and the surroundings received between 4-6 hours per day, while in the winter electricity did not extend beyond 1-2 hours per day.
"The plant was wholly financed by private Iraqi investors. This is a great success story: 24 hours of electricity in Iraqi Kurdistan by the end of August for the first time in decades, and all thanks to Iraqi's private sector", said TBI's Chairman, Hussein Al-Uzri.
TBI part-financed this plant by extending direct credit facilities, helping also by establishing Letters of Credit for the import of equipment for the plant
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Iraqi Kurdistan soon to receive 24 hours' electricity per day
- Iraq: Saturday, July 26 - 2008 at 10:25
- PRESS RELEASE
For the first time in decades the one million inhabitants of Erbil, in Iraqi Kurdistan, will be receiving 24 hours of electricity per day.
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Posted by Eman HassanSaturday, July 26 - 2008 at 10:25 UAE local time (GMT+4)
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