Economy Update – Baghdad
On Tuesday, the Minister of Electricity, Ziyad Ali Fadel, announced the rehabilitation of eight specialized companies tasked with implementing solar energy projects across Iraq.
In a statement, the Minister emphasized that these eight companies have been rehabilitated as part of the initial phase of the initiative launched by the Iraqi Central Bank. He noted, “This government is setting a historic precedent by being the first to actualize solar energy projects in a practical manner,” and he commended the Central Bank of Iraq for its crucial role in fostering this movement through the provision of soft loans to citizens.
The Minister reiterated the significance of this initiative, stating, “This step is of exceptional importance, as it will empower citizens to install solar energy systems in their homes. The loans provided by the Central Bank will be interest-free, under the Renewable Energy initiative, which is a sustainable solution to the country’s chronic electricity crisis.”
In October, the Ministry of Electricity hosted a conference to unveil the electronic platform for the rehabilitation of companies specializing in solar energy systems. This event, attended by government officials from various ministries, representatives of the Central Bank, and members of the Parliamentary Energy Committee, underscores the federal government and the Ministry of Electricity’s commitment to advancing the renewable energy sector in the country.
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