Iraq's Cabinet of Ministers has approved a loan agreement between the Federal Ministry of Finance, Standard Chartered Bank and the German Deutsche Bank for the financing of electrification projects under the implementation agreement the government signed with Siemens earlier this year.

The projects include construction of 13 substations, and the supply of 35 high-voltage transformers.

Siemens will execute the projects for the Iraqi Ministry of Electricity.

Source: MENAFN