Iraq seeks to build eight nuclear reactors capable of producing about 11 gigawatts, a senior Iraqi official said.
Kamal Hussain Latif, chairman of the Iraqi Radioactive Sources Regulatory Authority, said Baghdad would seek funding from prospective partners for the $40 billion plan and pay back the costs over 20 years.
According to the Iraqi official, the authority discussed cooperation with Russian and South Korean officials.
"We have several forecasts that show that without nuclear power by 2030, we will be in big trouble," Latif said in an interview with Al Jazeera.
Last April, sources revealed that Iraq was in discussions with France, Russia, and the United States to build three nuclear reactors for civilian use.
Iraq has been suffering from a major budgetary deficit since March 2020, due to the sharp drop in oil prices which account for nearly 60 per cent of GDP.
Despite the recovery of oil prices in recent months, Iraq is still struggling to meet its needs and balance its budget.