A financial initiative to encourage domestic investment in renewable energy projects in Iraq has failed to spur interest, according to an Iraqi MP.

The Iraqi Central Bank has allocated one trillion Iraqi dinars ($763 million) to support investors in solar and other renewable energy projects but it has received only around 10 applications, said Hassan Al-Assadi, Deputy Chairman of Parliament’s Energy Committee.

Assadi, quoted by the official Iraqi News Agency on Wednesday, said less than IQD250 million ($190,000) has been spent on such projects.

He said there would be meetings with competent authorities to discuss solutions to the problem.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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