Daily SumUp

Iraq on Wednesday signed a memorandum of understanding with US energy firm GE Vernova to produce 24,000 megawatts of electricity, the government said, during a visit by an American trade delegation.

Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework with GE Vernova", his office said in a statement.

"The MoU covers projects to establish combined-cycle gas power plants with a total capacity of approximately 24,000 megawatts," it said.

It marks "the largest and most advanced electricity generation initiative in Iraq's history," the statement said, adding that it "also includes provisions for securing external financing through major global banks".