Electricity ministers of Egypt and Iraq have discussed means to enhance bilateral cooperation between the two countries in the fields of electricity and renewable energy during their meeting on the sidelines of Berlin Start-up Energy Transition Tech Festival.
During the meeting, Iraq’s Electricity Minister Louay al-Khatib affirmed his country’s keenness to benefit from the Egyptian experience in developing the electricity sector and the relevant infrastructure, according to official reports.
Egyptian Electricity Minister Mohamed Shaker presented during the meeting the projects implemented in the country, including a project to establish three major power plants with a capacity of 14.4 GW in cooperation with German Siemens within 28 months, besides Benban, the biggest solar project in the world.
In the Rebuilding and Construction Conference which kicked off in Baghdad in April, Iraqi Ministry of Trade First Secretary Haitham Gamil said that the Iraqi government is keen on benefiting from the expertise of the Egyptian companies and businessmen in the reconstruction of Iraq.
The remarks were made before representatives of more than 50 Egyptian companies specialized in the field of contracting and construction materials.
He said Egypt will be on top of the countries that will join the reconstruction operations of Iraq, asserting that foreign investments are vital to revive the Iraqi economy.
The Iraqi official invited the Egyptian companies participating in the conference to effectively contribute to reconstruction and investment in Iraq, voicing his admiration of the Egyptian expertise in building new areas under the sponsorship of President Abdel Fatah al-Sisi.
He said the targeted growth rate for 2018/2022 is 7 percent worth $75 billion of investments in the various economic sectors.
The Iraqi official voiced hope that the Building and Reconstruction Conference would mark a new phase in the partnership between the Iraqi companies and ministries and their Egyptian counterparts.
He also said Iraq targets the expansion of crude oil production from 4.5 million barrels per day to reach 6 million barrels by 2020.