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Strategic cooperation between Mashreqbank and the Iraqi Bank for Trade to develop energy projects in Iraq

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Strategic cooperation between Mashreqbank and the Iraqi Bank for Trade to develop energy projects in Iraq

Post by RamblerNash on Thu Aug 09, 2018 9:49 pm

Strategic cooperation between Mashreqbank and the Iraqi Bank for Trade to develop energy projects in Iraq


Economy News _ Baghdad

Mashreqbank, the leading financial institution in the UAE, has entered into strategic cooperation with the Iraqi Trade Bank and General Electric to accelerate and develop energy projects in Iraq to help meet the country's growing energy demand.

"On the occasion of this cooperation, the Iraqi Trade Bank and General Electric are working together in a successful and long-term partnership. We also have a privileged business relationship with Mashreqbank," said Faisal Al-Hims, Chairman of the Board of Directors of the Iraqi Trade Bank.

"The successful completion of the Khor Al Zubair deal highlights the mutual trust between all parties to this partnership and we look forward to developing this relationship in the future and we believe that such projects can contribute significantly to the development of our infrastructure, especially in the sensitive energy sector. very".

"The Iraqi government has shown a strong desire to strengthen the country's infrastructure, and Mashreqbank's strategic cooperation aims to help Iraq implement the strategic projects it needs," said Mashreq's Head of Multi-National Bank Stelios Karavacillis. To provide our support to the Iraqi government through the financing of Khor al-Zubair power station, in cooperation with our partners in the Iraqi Bank of Trade and General Electric. "

"Today, Iraq is on the brink of unprecedented developments, and we look forward to working together with Mashreqbank, one of the leading regional banks, the Iraqi Commercial Bank and General Electric," said Yoshito Murakami, CFO of Africa, Middle East and South Asia. And successful to support the country's energy needs. "

The Iraqi Trade Bank plays a key role in the Iraqi government's drive to strengthen its energy infrastructure, respond to the growing demand of its citizens and support their needs. In July, the bank and General Electric successfully completed a deal to rehabilitate the Khor Al Zubair power plant with a value of € 52 million, which was financed by Mashreqbank under the partnership.

Khor al-Zubayr is the largest power plant funded by the US government to be implemented in Iraq. The gas turbine plant is located in a remote area of ​​southern Iraq and has been designed to provide electricity to hundreds of thousands of people.

Established in 1967, Mashreq Bank, the oldest privately owned bank in the UAE, offers award-winning financial solutions and services. Over the past 50 years, Mashreqbank has distinguished itself with its innovative financial solutions, allowing its customers to meet their expectations. Today, the Bank has an important presence in 11 countries outside the UAE, with 21 branches and offices across Europe, the United States, Asia and Africa.


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