Iraqi Dinar Discussion Board

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(MENAFN) The Iraqi Minister of Electricity said that his country intends to put an end to electricity shortages by mid-2010, hoping to finalize annual investments at a value of $2 billion, the Iraq Directory reported.

The minister stated that the ministry expects to get around two billion dollars annually in funds from the government over the next four years and that the rest must be compensated through investors or donors.
At the moment Iraqi investors are building three power stations with capacities of 500 megawatts in the Northern Kurdish area.

He also said that foreign investment is quite difficult this year due to the lack of security, though next year has possibilities. Iraq has recently approved a law regulating foreign investment. The law will be followed by another one on oil investment which is expected to be passed late this May.

The Iraqi Minister of Planning stated earlier that approximately 35 percent of the funds which have been pledged for during a donor conference in Madrid in 2003 were delivered.

http://www.menafn.com/qn_news_story_s.asp?StoryId=1093147799