Siemens and the Iraqi government said on Sunday that they had signed a cooperation agreement on plans to supply electricity to the country.
The agreement would see an expansion of Iraq's capacity to produce power with 11 gigawatts – about the same as half of the country today produces – over the next four years.
The roadmap proposes cost savings in billions of US dollars and generates extra power 24/7 for 23 million people, says a statement from Siemens.  The agreement includes upgrading of existing power plants, and construction of new, especially in affected areas. It also includes donations to hospitals, schools, university finance and vocational training.
"Our commitment to the Iraqi people is strong. We promised to achieve reasonable and reliable power supply, help with corruption, build schools and hospitals and create thousands of jobs," said the president of the Munich-based firm Joe Kaeser.
While Iraq has some of the world's largest oil supplies, the population has suffered from a crippling lack of power, leading to protests that have often become deadly.