Iraq backs green energy projects with USD 682m

Iraq's Central Bank has provided IQD 1 trillion (USD 682.2m/EUR 629.1m) to support the expansion of renewable energy, the Iraqi News Agency (INA) said earlier this week, citing the bank's deputy governor Ihsan Al-Yasiri.

Speaking at a renewable energy forum, Al-Yasiri said that the Central Bank has been cooperating with the Ministry of Environment to support investments in renewable energy and a green economy in Iraq, adding that work has begun on the creation of a committee for renewable energy. Al-Yasiri noted that the loans to be extended as part of the programme will have only administrative fees.

The initiative was unveiled in a statement by the Association of Iraqi Banks, released after the forum and seen by the news agency. In addition to Al-Yasiri, the event was attended by environment minister Jassim Al-Falahi, the Investment Authority's head Suha Al-Najjar and other government officials.

On her part, Al-Najjar voiced the Investment Authority's support for clean energy projects and noted that the government had signed deals with international companies for the deployment of 7.5 GW of solar capacity.

Al-Najjar stressed that the Central Bank has provided the necessary financing and called on local and international investors to take part in the bank's initiative for the construction of solar plants.

(IQD 1,000 = USD 0.682/EUR 0.629)

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