World Bank to loan Iraq power plant $124 million
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30 March 2007 (Reuters)
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The World Bank on Thursday approved $124 million in credit for an electricity reconstruction project in Iraq.
The project aims to increase generating capacity at the Hartha power station in the southern Iraqi city of Basra, the World Bank said in a statement.
"The project will double the output of the Hartha power station from 400 megawatts to 800 megawatts, providing additional generating capacity to the national grid and benefiting household and industrial consumers," Tjaadra Storm van Leeuwen, the project's Task Team Leader said.
The total cost of the project is estimated at $150 million.
The bank approved an additional $6 million from a donor fund administered by the World Bank and the Iraqi government is contributing $20 million, the statement said.
This is the second power rehabilitation project in Iraq to be funded by the World Bank.
The lender approved $40 million in credit in December 2006 for the repair of two hydroelectric power stations in the semi-autonomous Kurdistan region in northern Iraq.
