The Iraqi Council of Ministers approved the Iraqi Ministry of Electricity’s contract with (Mass Holding Company) to supply electrical energy to the northern region and the national system for a period of three months. This decision was made to address the high demand for electricity during the summer peak load and to improve the overall electrical system in the country. With power outages affecting citizens’ homes, especially during the scorching temperatures in Iraqi cities, this move aims to provide much-needed relief to the people.
Additionally, the Council approved another contract with (Kar Company) to supply electrical energy from Turkey at a reduced price for three months. This decision was also made in response to the high demand for electricity during the summer peak load and to ensure the stability of the electrical system. Furthermore, the Council authorized the Minister of Finance to sign a financing loan agreement for the development of electricity production sector projects, including equipping and implementing stations in various locations for the benefit of the Ministry of Electricity.
To expedite the completion of these projects, the Council approved counting contracted projects as ongoing to facilitate the signing of loan agreements. This decision was based on the approval of borrowing in the Federal General Budget Law for the years 2023, 2024, 2025, and subsequent years. Overall, these measures are aimed at improving the electricity infrastructure in Iraq and addressing the current power crisis faced by its citizens.
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