$2.5b in L/C to Siemens, GE

BAGHDAD / IraqiNews.com: The Iraqi Council on Ministers authorized the Finance Minister on Tuesday to issue Letters of Credits (L/C) amounting up to $2.5 billion. “The decision comes to fund electricity contracts with Siemens and GE,” Dr. Ali al-Dabbagh, the official spokesperson of the Iraqi government, said in a release received by IraqiNews.com news agency. He said that the L/Cs will be released a year after issue date. MH (P)/SR 1