Siemens Energy deal government approved a new loan to support key power projects with Siemens Energy. This decision follows efforts to improve Iraq’s energy sector and expand electricity infrastructure.
The Ministry of Finance Siemens Energy will now sign a loan backed by German and other international credit agencies. This step will help fund several new power substations under Phase II of the energy agreement with Siemens Energy.
The Siemens Energy includes the construction of three high-voltage 400 kV substations. In addition, five medium-voltage 132 kV substations will also be built. These upgrades are essential to meet Iraq’s growing demand for electricity.
Siemens Energy deal has played a major role in modernizing Iraq’s power grid. With this new phase, both sides aim to boost power supply reliability. This Siemens Energy move also supports Iraq’s long-term plan to reduce outages.
Moreover, Siemens Energy deal this cooperation highlights Iraq’s commitment to energy sector reform. The new Siemens Energy substations will help balance the grid and reduce load on older units. As a result, millions of homes and businesses will benefit from stable electricity.
The agreement with Siemens Energy reflects trust in Iraq’s ability to attract international partners. Germany’s backing adds further confidence in the project’s future success.
Additionally, Siemens Energy deal Iraq’s Cabinet continues to prioritize projects that support economic recovery. Improving the electricity sector not only serves citizens but also helps industries. Better energy services lead to job creation and investment growth.
Moving forward, Siemens Energy officials plan to monitor the project closely. They aim to complete work without delay and maintain high technical standards. The government Siemens Energy expects positive outcomes from the Siemens Energy partnership.
Finally, Siemens Energy deal this step aligns with Iraq’s strategy for energy independence. Reducing reliance on emergency power sources saves costs and improves service quality.