The UK’s export credit body will support £90million in financing for two power plants in southern Iraq.
The deal will support the early construction stages of two 750-megawatt gas-fired power plants planned by Enka UK and General Electric.
The two facilities are being built to help alleviate severe energy shortages in Iraq.
International Trade Minister Greg Hands said: “The Department for International Trade through UK Export Finance is delighted to be supporting these power projects, which will significantly enhance the energy sector in Iraq.
“Construction of the projects also presents huge – and hugely exciting – opportunities for UK exporters, and clearly demonstrates the UK’s leadership in the energy sector.”
UKEF and the Department for International Trade teams in Iraq and Turkey have been working closely with Enka UK and GE to find at least £192million worth of UK goods and services for the project.
Enka UK director Yavuz Akturk said: “We are very pleased to see UK Export Finance, the leading ECA active in Iraq, supporting these projects. It would not have been possible for us to enter into these projects with GE without their support.
“These projects will help the people in the country by increasing the electrification rate while providing great opportunities for UK exporters of goods and services to participate in these transformational projects in Iraq.”
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