Iraq accelerates solar power installation
Shafaq News/ Iraq accredited 16 new specialized companies to install residential solar power systems, bringing the total number of authorized firms to 24, Electricity Minister Ziyad Fadel announced on Monday.
In a statement, Fadel noted the move is part of the government's broader efforts to diversify energy sources and reduce pressure on the national power grid, adding that expanding the pool of qualified companies will accelerate project implementation and meet growing public demand, particularly under the Central Bank's (CBI) soft loan initiative.
'This initiative allows citizens to install solar power systems in their homes through low-interest loans provided by the CBI,' the minister pointed out, indicating that 'it supports the shift toward clean energy, which will improve environmental conditions and reduce pollution levels.'
Earlier, Prime Minister Mohammed Shia Al-Sudani instructed provincial governors to expedite the allocation of land for solar energy projects and to identify investment priorities and interested companies.
The Iraqi Cabinet also approved a series of decisions aimed at strengthening the country's electricity production, including advancing renewable energy efforts across the nation.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Iraq Business
2 hours ago
- Iraq Business
Iraq Imposes Additional Tariffs on Imported Beverage Cans
By John Lee. As part of efforts to protect domestic industry, the Iraqi Cabinet has approved the imposition of an additional 20% customs duty on imported aluminium cans used for carbonated beverages, juices, and energy drinks. This brings the total tariff to 50% per unit of measurement, applicable to imports from all countries and origins. The measure will be in effect for four years without reduction, with implementation to begin four months after the decision date. The General Authority for Customs has been tasked with enforcing the additional tariff and regularly informing the Ministry of Industry and Minerals of the quantity and value of imports, as well as the additional revenues collected. The ministry will assess the effectiveness of the tariff in protecting the domestic producer, including the complainant's ability to meet local market demand, and will review the policy one year after implementation in line with the Product Protection Law. (Source: Iraqi Government)
Iraq Business
5 hours ago
- Iraq Business
Iraqi Dinar Q&A: Dinar Revaluation (RV) and Israeli Airstrikes on Iran
By Guest Blogger. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Q: What effect will Israel's airstrikes on Iran have on any potential revaluation of the Iraqi dinar? A: This week's Israeli airstrikes on Iran, targeting nuclear and military sites, will likely have a negative effect on any potential revaluation of the Iraqi Dinar, at least in the short term. Here's why: Increased Regional Instability The conflict between Israel and Iran is a major source of instability in the Middle East. Iraq, being a direct neighbour to Iran and having complex political and economic ties with both countries, is highly susceptible to the fallout from such tensions. Increased regional conflict generally leads to capital flight and a preference for safer currencies like the US dollar, which puts downward pressure on local currencies like the Iraqi Dinar. Safe-Haven Demand for USD As investors and even ordinary citizens become more apprehensive about the future, they tend to move their assets into more stable and liquid currencies. The US dollar is traditionally seen as a global safe-haven currency. This increased demand for USD in Iraq would further weaken the Dinar against the dollar in the parallel markets, making any revaluation less likely. Impact on Oil Prices While a spike in oil prices due to regional conflict might seem beneficial for an oil-dependent economy like Iraq's, the immediate effect on the Dinar is often outweighed by the increased instability. Furthermore, if the conflict were to escalate and impact shipping routes like the Strait of Hormuz, Iraq's oil export revenues could be severely affected, which would be detrimental to the Dinar. Smuggling and Sanctions Concerns Iraq has faced challenges with dollar smuggling to Iran, partly due to US sanctions on Iran. Escalated tensions and potential new sanctions could exacerbate these issues, further disrupting Iraq's financial system and the Dinar's stability. Political and Economic Uncertainty in Iraq The Iraqi Dinar's value is already influenced by a range of internal factors, including political stability, government spending, and efforts to control corruption. Regional conflicts add another layer of uncertainty, making it harder for the Central Bank of Iraq to manage the exchange rate and implement policies that could lead to a revaluation.
Iraq Business
15 hours ago
- Iraq Business
Iraq sets New Guidelines for Awarding Investment Licences
By John Lee. Ahead of the upcoming Iraq Investment Forum scheduled for Saturday, the Iraqi Cabinet has approved a set of legal and procedural mechanisms governing the presentation and awarding of investment opportunities. The Council of Ministers issued the following decisions: Adoption of competitive evaluation criteria in cases where multiple companies apply for the same investment opportunity. If only one reputable company with relevant experience applies during the announcement period, the opportunity will be awarded to it. An investment opportunity will be considered announced and exempt from further advertisement if no applications are received; any subsequent applicant may complete licensing procedures in accordance with the law. Authorisation of the National Investment Commission (NIC) and all provincial investment commissions to issue investment licences and sign related contracts. According to a statement from the Prime Minister's Office, these measures aim to streamline the investment process and enhance the efficiency and transparency of project allocation. (Source: Iraqi Government)
