The UK Export Finance will loan Kurdistan $34.8 million (£27.14m). The loan will be used to pay for a contract between Kurdistan and a water engineering company from the UK. The money will help fund the first phase of a project that will decrease the reliance on groundwater in the region and also improve infrastructure. The UK and the Kurdistan Regional Government signed a Memorandum of Understanding in 2014 which led to this loan.

Key Takeaways:

• It will be used to finance the first phase of a project designed to alleviate the current strain on existing infrastructures and reduce the region’s reliance on groundwater reserves to deliver long lasting environmental benefits.
• he first stage includes the scoping phase of the project, covering social and environmental impact assessments, relevant site surveys and detailed designs.
• The project will bring much needed benefits to Kurdistan and also offer substantial opportunities for supply chain companies based here in the UK.”

“Kurdistan will receive a loan worth $34.8 million (£27.14m) to finance a contract with a UK water engineering company.”

https://www.energylivenews.com/2016/12/12/uk-to-provide-34-8m-to-kurdistan-for-water-project/