A leading investor in the Kurdistan Region’s electricity sector has publicly appealed to the Minister of Finance and Economy, demanding the payment of billions of dollars in outstanding financial dues accumulated since 2014.

More Than $4 Billion in Outstanding Debt

Businessman Ahmad Ismail, who owns and operates several electricity generation plants in the Kurdistan Region, revealed that the caretaker government owes him more than $4 billion. According to reports, the debt has accumulated since 2014 as a result of the government's failure to pay the financial entitlements owed to the investor.

Ismail’s power plants have a combined generation capacity of 4,000 megawatts, accounting for approximately 65% of the Kurdistan Region’s total electricity production. This underscores the significant role his facilities play in supplying electricity across the region.

Dispute Over Revenue from the Runaki Project

The investor is calling on the government to repay part of the outstanding debt using revenues generated through the Runaki Project, the E-Bill (E-Psula) system, and the Ministry of Electricity’s electricity sales department. Ahmad Ismail questioned why, if the Ministry of Electricity claims it lacks the funds to meet its obligations, the substantial monthly revenues collected from electricity subscribers are not being allocated toward settling these debts.

Appeal Reaches the Ministry of Finance

After the caretaker government declined to repay the outstanding amount, Ahmad Ismail formally appealed to the Minister of Finance and Economy. According to a source within the Ministry of Finance, the case has now reached the ministry, where officials are currently auditing the government's reported $4 billion debt owed to the electricity generation companies.