Iraq to build new drainage system in Hilla with financing from the UK

Baghdad (IraqiNews.com) – UK Export Finance (UKEF) recently disclosed that it obtained £226 million ($285 million) in funding for the Iraqi government to build over 350 kilometers of drainage systems, as well as 15 kilometers of stormwater and wastewater lifting terminals in Hilla, 100 kilometers south of Baghdad.

After the project is finished, the network should be able to treat up to 20 million cubic meters of water annually, providing hundreds of thousands of people with better sanitation and clean water for over 25,000 houses.

The finance comprises of a direct loan of £113 million from His Majesty’s Treasury and a guarantee for £113 million in financing supplied by Standard Chartered Bank, which serves as the sole Structuring Bank, Mandated Lead Arranger, and Agent.

Al-Tafweed Company For General Trading in Baghdad, Turkiye’s GAMA Industry, James Cubitt & Partners (JC&P) in the UK, Al-Ehtifad General Contracting in Baghdad, and Jordanian Jazirah Al-Mansour Trading & Investment are among the firms participating in the project.