Iraq has signed an agreement with the US bank JP Morgan Chase &Co to finance a $257 million loan to fund maintenance of its power facilities.

The official media said Finance Minister Taif Mohammed signed the loan agreement on Sunday as per a cabinet decision allowing the Ministry to seek the loan for the project.

Mohammed said the loan would be used to fund maintenance services for various electricity supply facilities in Iraq with the aim of upgrading their efficiency.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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