Siemens proposes providing electricity in Iraq: CEO

“I would actually expect that it (doesn’t) need more than $5 billion, revolving, to rebuild their country and get 11,000 megawatts of modern emission-efficient electrification. That’s a big deal,” Kaeser said.

Additionally, Siemens’ proposal also includes creating tens of thousands of jobs for locals, opening a smart health clinic that could treat up to 10,000 patients per year, and funding what the company called a “School of the Future.” It will also provide $60 million worth of software to local universities to teach students new digital skills required in the workforce today, and provide technical and vocational training, starting with 1,000 young Iraqis.

Kaeser told CNBC that even if the company did not get the deal, Siemens would still follow through with setting up the smart hospital to provide health care and would still build schools

Still, it could take time for Siemens to get the approval to put its plans into place because Iraq is in the midst of forming a new government following elections earlier this year. Kaeser said he was not worried about the possibility that new leadership could potentially delay the company’s plans.

“We made what we believe is a very comprehensive concept, and the beauty we have, the very powerful we have is, we’ve done it before,” he said. “Remember, we went into Egypt and promised a similar thing to President (Abdel Fattah) al-Sisi, four years ago.”

In 2015, the company signed a $9.4 billion deal with Egypt to supply gas and wind power plants to add 16.4 GW of capacity to the country’s power grid, according to reports.

“We’ve built the three biggest power plants ever built on the planet (and) we’re currently, as we speak, training 6,000 young Egyptians for a better future,” Kaeser said. “So, if the (Iraqi) government is ready today, we start tomorrow.”

— Reuters contributed to this report.

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