UK Export Finance Backs Major Sanitation Project in Iraq
UK Export Finance (UKEF) has secured £226 million to aid the Iraqi government in a significant infrastructure project. This venture will construct an extensive drainage system in Hilla, a city situated 100 kilometers south of Baghdad. The initiative is set to enhance sanitation facilities and provide clean water to approximately 25,000 households in the region.
Revolutionising the Region’s Sanitation
The project involves the construction of over 350 kilometers of drainage networks and 15 kilometers of stormwater and wastewater lifting terminals. The robust system, upon completion, will have the capacity to treat up to 20 million cubic meters of water each year. This substantial improvement in sanitation will have a transformational effect on the lives of the local population.
Financial Arrangements and Collaborations
The financial framework for this project includes a direct loan of £113 million from His Majesty’s Treasury and an equivalent guarantee for financing from Standard Chartered Bank. The bank has been chosen as the exclusive Structuring Bank, Mandated Lead Arranger, and Agent for the project. This collaboration aims to ensure the seamless execution and financial stability of the project.
Consortium of Companies Joining Hands
A consortium of companies is participating in this initiative. It includes Al-Tafweed Company For General Trading and Al-Ehtifad General Contracting from Baghdad, GAMA Industry from Turkey, James Cubitt & Partners (JC&P) from the UK, and Jazirah Al-Mansour Trading & Investment from Jordan. These companies bring with them a wealth of experience and expertise, ensuring the project’s success and long-lasting impact on the region.
https://bnnbreaking.com/world/iraq/uk-export-finance-backs-major-sanitation-project-in-iraq/
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