Legal Guide to Investing in Power Generation in Iraq
In an effort to promote foreign investment in Iraq, the Commercial Law Development Program (CLDP), along with other key partners, has been developing material to guide potential investors. The present Legal Guide to Investment in Power Generation in Iraq (“Legal Guide”) follows those efforts by focusing on a sector that is in particular demand by the people of Iraq and accordingly can benefit from private sector involvement. Specifically, Iraq has suffered, in the past decade, from a chronic power shortage, which has not been alleviated from traditional public sector development and operations. Given the significant gap between supply and demand for power, as well as the Iraqi government’s commitment to this sector, investment in power generation offers considerable opportunities for investors willing to assume associated risks.
Understanding Power Project Financing
As part of the "Understanding Series" of reference handbooks published by Power Africa, in February 2016, CLDP (in partnership with the African Legal Support Facility) brought together a group of world-class legal, policy and financial experts to draft a guide on power project financing. The new handbook, Understanding Power Project Financing, is the culmination of months of consultations with public and private sector stakeholders from Africa, the United States and Europe. The handbook is intended to provide decision-makers with an overview of the structuring of private investment and financing for power projects and insight into the important supporting role that governments play.
Legal Guide to Investment in Iraq
As Iraq looks to increase economic growth and development, the need to attract local and foreign investment is ever more clear and present. From investing in infrastructure to the housing sector, energy to public services, one thing is clear: the opportunities in Iraq are abundant and the country is ready to welcome and engage investors from all over the world.
U.S. and Sri Lankan Experts Gather to Unleash Sri Lanka’s Trade Potential
From November 29-December 1, the U.S. Department of State, in cooperation with the U.S. Department of Commerce and the Sri Lanka Department of Commerce held three seminars on trade policy with more than 70 key decision makers and technical experts from various Sri Lankan ministries, agencies, research institutes, trade policy think tanks, and Chambers of Commerce.
“Sri Lanka can count on the United States as a partner to help unleash the trade potential of Sri Lankan companies,” said U.S. Ambassador to Sri Lanka Atul Keshap.
Read full text here: https://lk.usembassy.gov/american-sri-lankan-experts-gather-unleash-sri-lankas-trade-potential/
Launch of Understanding Power Purchase Agreements in South Africa
On March 26th, CLDP Chief Counsel Stephen Gardner led the launch of the handbook, which was drafted in early November 2014 with funding by USAID and conducted through a partnership between CLDP and the Africa Legal Support Facility (ALSF). The March 26 program, hosted by DLA Cliffe Dekker Hoffmyer in Johannesburg, South Africa, introduced the handbook to the South African power sector and included a panel discussion with the handbook authors and a reception that brought together leading project developers, banks and law firms.
The publication is intended to provide an overview of PPAs and the obligations, risks and remedies that are found within them. The text was drafted by a group of international experts including contributors from governments, development banks, private banks and leading international law firms, and will prove a beneficial tool for the negotiation of PPAs as well as build capacity within African governments to understand PPAs. This project was developed as part of President Obama's Power Africa initiative and provides a common foundation for governments and the private sector to use for the negotiation of complex project agreements.
General Counsel Welsh Promotes Commercial Law Development in Bahrain, Saudi Arabia
U.S. Department of Commerce General Counsel Kelly Welsh met with government officials and business leaders in Bahrain and Saudi Arabia this week to strengthen ties with regional counterparts and to assess challenges U.S. businesses face in the those countries. The General Counsel’s Commercial Law Development Program (CLDP) organized the trip as part of ongoing efforts to improve the legal environment for American companies doing business in the Middle East.
The Crown Prince of Bahrain, His Royal Highness Prince Salman bin Hamad Al Khalifa welcomed General Counsel Welsh at the Riffa Palace, where they discussed the importance of strong economic ties between the United States and Bahrain. They also discussed steps taken to advance the commercial legal system in Bahrain, which will enhance the ease of doing business and attract foreign investment. His Excellency the Minister of Industry and Commerce Zayed Rashid Al Zayani commented during the meeting on the strong ties between the U.S. Department of Commerce’s CLDP and the Bahrain Ministry of Industry and Commerce.
General Counsel Welsh focused on entrepreneurship developments in Bahrain at a roundtable with members of the business community, and offered suggestions on how to create a legal environment that is conducive to investment and growth. Welsh and the delegation also discussed ways to advance U.S. and international investments in Bahrain with representatives of the American Chamber of Commerce.
In Saudi Arabia, General Counsel Welsh discussed the role of the Saudi Arabian General Investment Authority (SAGIA) in modernizing commercial law in Saudi Arabia with His Excellency Abdullatif Al-Othman, governor of SAGIA, and His Royal Highness Prince Saud Al-Faisal.
General Counsel Welsh also met with the senior leadership of the Saudi Arabian Monetary Agency (SAMA), including Vice Governor Mr. Abdulaziz S. Al-Furaih. SAMA officials highlighted the Saudi bankruptcy law draft being circulated for review, and they noted steps the Saudi Arabian government is taking to promote anti-corruption. The SAMA officials indicated their desire to cooperate with CLDP on insolvency laws in the Kingdom. They also discussed ways to enhance the climate for investments in the United States by Saudi Arabian entities and individuals.
General Counsel Welsh also discussed joint programming to enhance commercial law modernization in Saudi Arabia and the broader Middle East with the Deputy Minister of Commerce and Industry (MCI) for Legal Affairs, Dr. Fahad Abu Hamed. In addition, General Counsel Welsh met with the Saudi Capital Markets Authority (CMA) Chairman H.E. Mr. Mohammed Al-Jadaan, who briefed the General Counsel on the progress the CMA and MCI legal teams were making in advancing the commercial legal infrastructure in Saudi Arabia. The Saudi Basic Industries Corporation hosted the Commerce delegation to discuss its role in leading IPR programming to increase IPR awareness and capacity in Saudi Arabia and the entire Middle East region.
In all of these meetings and forums, General Counsel Welsh and CLDP stressed the importance of a strong commercial rule of law to economic development and the value of CLDP in those efforts. In conversations with business leaders in the country, the General Counsel discussed ways to improve the legal and business environment in Saudi Arabia for U.S. and Saudi Arabian businesses. By promoting transparent and predictable legal systems around the world, the Department of Commerce is focused on fostering a global business climate that fosters growth and innovation.