GE said its 14GW power capacity plan for Iraq could result in 65,000 direct and indirect jobs
German giant Siemens has inked an informal agreement to provide electricity to Iraq, with a similar deal being signed by US competitor General Electric (GE), reportedly after intervention from the White House.
Both the Federal Government of Iraq and Siemens stated that they had signed a memorandum of understanding to supply the country with electricity and resolve the long-standing power issues.
According to the agreement, Iraq’s capacity to produce electricity would increase by 11 gigawatts in the next four years.
The “road-map proposes cost savings in billions of US dollars and generating additional electricity 24/7 for 23 million people,” Siemens said in a statement, quoted by Deutsche Welle, Germany’s public international broadcaster.
The agreement includes establishing electricity generating plants and upgrading existing ones.
“Our commitment to the Iraqi people stands strong. We promised to achieve affordable and reliable power supply, help with anti-corruption, build schools and hospitals and create thousands of jobs,” affirmed Joe Kaeser, CEO, Siemens.
GE said its 14GW power capacity plan for Iraq could result in 65,000 direct and indirect jobs. The company said it would secure financing for the projects through its relationships with international credit agencies and financial institutions.
The deal between Siemens and the Iraqi government is reported to be worth some US$ 15bn.
