UK to provide $34.8m to Kurdistan for water project

Kurdistan will receive a loan worth $34.8 million (£27.14m) to finance a contract with a UK water engineering company. The money from UK Export Finance (UKEF) will support the deal […]

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By Jacqueline Echevarria

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

The money from UK Export Finance (UKEF) will support the deal between Kurdistan Regional Government and British water and wastewater engineering firm Biwater.

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.

The first stage includes the scoping phase of the project, covering social and environmental impact assessments, relevant site surveys and detailed designs.

This loan is a result of a Memorandum of Understanding signed between the UK Government and the Kurdistan Regional Government in 2014.

Greg Hands MP, Minister for Trade and Investment said: “This is great news for Biwater and for British exports and I am delighted that UKEF is financing this hugely important contract. It shows what is possible when British technical excellence receives the right government support at the right time. The project will bring much needed benefits to Kurdistan and also offer substantial opportunities for supply chain companies based here in the UK.”