Iraq will allocate more funds in its 2024 budget for power projects as the OPEC member is pursing massive plans to rehabilitate its war-damaged electricity sector and increase reliance on renewable energy, an official has said.
The 2024 spending, part of a three-year budget for 2023-2025, will also set aside large funds for projects which have been stalled over the past years because of the war and cash shortages, said Maher Hammad, Planning Ministry Undersecretary.
“Power projects will take the biggest chunk of the 2024 budget…but large funds will also be allocated to stalled projects, mainly health, housing, water and sewage projects,” he was quoted by the official Iraqi Alsabah newspaper on Tuesday. He added that 20 new hospitals would be constructed in the capital Baghdad and other cities in 2024.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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