Newly announced - £1 billion extra funding to support trade with Iraq

17 April 2019

 

£1 billion of new funding for British firms operating in Iraq is being announced during a visit by the International Trade Secretary Dr Liam Fox MP, during a three-day visit to Baghdad (from Sunday, 14 April to Tuesday, 16 April 2019).

Dr Fox is meeting with senior Iraqi leaders including the Prime Minister and President to discuss bilateral trade between the UK and Iraq.

He announced that UK Export Finance (UKEF) is doubling its support for UK exports to Iraq, from £1 to £2 billion. The measure is designed to promote Iraq’s economic development and infrastructure projects

In recent years, UKEF has provided around £1 billion in support for projects in Iraq, including:

  • A £26 million loan to UK company Biwater, for the scoping phase of a water and wastewater treatment project in the Kurdistan region
  • £770 million to support Enka UK and GE to build 2 new gas-fired power stations in the Basra region and UK-based GE Grid Solutions to build and refurbish 14 electricity sub-stations
  • support for a £26 million contract to refurbish the 320-megawatt Al Mussaib power station, a project which is being delivered by Siemens UK in Newcastle, and which is supporting jobs in that region
  • a loan to support a £169 million contract being undertaken by a UK subsidiary of GE to refurbish gas-fired power stations

The International Trade Secretary Dr Liam Fox MP said:

“The atmosphere in Baghdad is one of optimism – it is a country which is having an increasingly stable period at a time of significant unrest in the wider region. The British government, working closely with the UK private sector and our Iraqi partners, have a key role to play in the country’s long-term prosperity. The £1 billion we have announced today will significantly strengthen our ability to do just that.”

During the visit, the Trade Secretary will meet British firms operating in Iraq whose investments are vital to the country’s rebuilding efforts.

 

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