Trade Bank of Iraq, StanChart, GE close USD 600 mln finance deal

Monday 26 November 2018 09:35 CET | News

Trade Bank of Iraq, Standard Chartered and General Electric have closed a USD 600 mln financing agreement to fund a power project in Iraq.

Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s rebuilding and modernisation scheme, the parties said in a statement.

The financing agreement is considered to be the largest bespoke letter of credit confirmation and discounting transaction of its kind in the region. Iraq’s government has been striving to close a gap between electricity demand and supply. The bank was established in 2003 with the aim of helping the reconstruction of Iraq by facilitating international trade and continues to be at the forefront of infrastructure developments across the country.

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Keywords: Trade Bank of Iraq, Standard Chartered, General Electric, finance deal, partnership, Iraq, trade finance, Middle East, Power up Plan, financing , investment
Countries: World