Siemens is investing in Iraq

Siemens is investing in Iraq

The German engineering group Siemens,announced that it is proposing an agreement with Iraq to add 11 gigawatts of power over the period of four years, adding that this will boost the country’s production capacity by about 50 percent.

Joe Kaeser, CEO of Siemens met with Iraqi Prime Minister Haider Jawad Kadhim al-Abadi on September 23rd to discuss the German company’s proposal to boost electricity production in the country.

In 2015, Siemens signed a deal worth 8 billion euros ($ 9.4 billion US) with Egypt to supply gas and wind power plants to add 16.4 gigawatts to the country’s electricity grid, the largest order received by the group.

In terms of funding, the German group will assist the government in raising funds from international commercial banks and export credit agencies with support from the German government, which helps providing thousands of jobs in Iraq.

The company’s proposal to Iraq, first introduced in February, will include reducing energy loss in the country, building smart networks, expanding power transmission networks, upgrading existing plants and adding new capacity. Siemens also said it would provide $ 60 million in software for Iraqi universities.

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