Mubasher: GE, Trade Bank of Iraq (TBI) and Standard Chartered Bank (SCB) announced on Wednesday signing a financing memorandum of understanding (MoU).
The agreement aims at accelerating the development of power and infrastructure projects in the country that will help meet the growing demand for power in Iraq, according to a press release.
The statement pinpointed that the three entities inked a similar financing agreement, which had facilitated the completion of the first phase of the ‘Power Up Plan’ signed by GE with the Ministry of Electricity to deliver and secure more than 700 MW of power to the country’s grid.
GE has attracted more than nine major global export credit agencies to Iraq over the past year, resulting in significant project investment commitment, in collaboration with the Iraqi ministries, the statement said.
"The new MoU follows the successful completion of the first phase of our Power Up Plan, which now helps in meeting the critical power needs of Iraqi people," Aziz Koleilat, president and CEO of Iraq and Levant of GE, said.
Moreover, Faisal Al Haimus, chairman and acting CEO of TBI, noted that Ahli United Banking Group - Bahrain will take a risk participation of the deal as a secondary financier along with the primary financiers being Trade Bank of Iraq and Standard Chartered Bank making it the first club deal in Iraq’s Banking history.
