Iraq has set an investment target of more than $80 billion in its power sector to face a rapid growth in domestic demand due to economic expansion and a steady population increase, according to a local news network.

OPEC’s second largest oil producer has drawn up plans to encourage the private sector to contribute to power projects as part of post-war plans to expand its role in economic activity, Shafaq News said, citing a government report.

“Iraq is seeking to lure the private sector into new investment experiences such as  electricity generation….the government expects that more than $80 billion will be pumped into projects to increase power production in the next years,” it said.

Iraq has awarded solar power projects with a total capacity of around 7.5 gigawatts (GW) to foreign firms and intends to offer more such projects within plans to reduce reliance on traditional power sources.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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