Dinar Daily
Welcome to Dinar Daily Discussions.

Logging in with your USERNAME allows you to participate in discussions, see what has recently been posted, and other options. Guests can post but they do have limited abilities.

We are NOT a guru forum. We are a dinarian forum. The opinions expressed on the forum do not reflect the of opinion of Dinar Daily specifically, but rather reflect the views of the individual posters only.


We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."

Get Daily Updates of the NEWS & GURUS in your EMAIL

Enter your email address:

Iraq closes electricity project worth $ 600 million DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Key Words
Adam Montana, AdminBill, Benjamin Fulford, Currency Exchange, David Schmidt, Dinar, Dinar Guru, Dinar Recaps, Dinar Rv, Dinar Scam, Dr Clarke, Frank26, Gary Larrabee, Gurus, Guru Hunters, JerzyBabkowski, Kaperoni, Kenny, Monetary Reform, Mnt Goat, My Ladies, Okie, Poppy, RamblerNash, Ray Renfrow, Redenomination, Revaluation, Ssmith, TNTBS, Tnt Tony, WING IT, We Are The People, Willis Clark, WSOMN, Yosef, Zap

Iraq closes electricity project worth $ 600 million

Post new topic   Reply to topic

Go down

Iraq closes electricity project worth $ 600 million Empty Iraq closes electricity project worth $ 600 million

Post by claud39 on Sun Nov 25, 2018 7:46 am


Iraq closes electricity project worth $ 600 million


Iraq closes electricity project worth $ 600 million 11408

Economy News _ Baghdad

Iraq's Trade Bank, Standard Chartered and General Electric said on Sunday they had closed a $ 600 million financing deal for an electricity project in Iraq. 
A statement by the bank received by "Economy News", "The project capacity exceeds 2 gigawatts," noting that "it comes within the framework of an Iraqi plan for reconstruction and development." 
The Iraqi government has been widely criticized for its inability to repair the country's electricity, despite 15 years of regime change in Iraq.
VIP Member
VIP Member

Posts : 6609
Join date : 2018-11-04

View user profile

Back to top Go down

Iraq closes electricity project worth $ 600 million Empty Re: Iraq closes electricity project worth $ 600 million

Post by claud39 on Sun Nov 25, 2018 10:42 am


Iraq closes electricity project worth $ 600 million Stanchart

Iraq bank, Stanchart, GE close $600m power finance deal

DUBAI, 5 hours, 6 minutes ago

Trade Bank of Iraq (TBI), Standard Chartered Bank and General Electric have jointly closed a $600 million financing agreement that funded an ambitious electricity project 'Power Up Plan' implemented across Iraq.

The government’s ‘Power up Plan’ comes as a major part of the country’s ongoing rebuilding and modernisation plans, said a statement from TBI.

Being implemented in two phases, the project is aimed at delivering and securing more than 2 gigawatts (GW) of new power, while ensuring the continuity of up to 6.7 GW to Iraq's grid, supplying much-need electricity to homes and businesses nationwide.

The financing arrangement is the largest bespoke Letter of Credit (LC) confirmation and discounting transaction of its kind in the region, said a statement from TBI.

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 large-scale infrastructure developments across the country.

The institution’s financial network and expertise play a significant role in sourcing and securing funding for projects that will benefit the Iraqi people for generations to come.

Faisal Al Haimus, the chairman and president, said: "An efficient, modern, secure, and reliable power network is the foundation on which the country’s long-term development and prosperity will be built. The financing supported as part of this latest round with our partners at GE and Standard Chartered Bank will play a major role in creating a brighter future for the Iraqi people."

"Trade Bank of Iraq will work closely with our partners to ensure the agreements set out will help to drive forward this essential project and support the well-being of people, communities, and businesses nationwide," stated Al Haimus.

The agreement further underscores the crucial financial history and positive relationship that exists among the three institutions, he added.

For Standard Chartered, the agreement also manifests its newly introduced sustainability philosophy, as such finance will help enable individuals’ businesses to thrive and grow, and governments to deliver economic prosperity for the wider community; supporting sustainable and responsible growth.

Rola Abu Manneh, CEO for Standard Chartered Bank UAE, said: “We are delighted to once again be partnering and collaborating with our colleagues at Trade Bank of Iraq and General Electric on a landmark deal, in Iraq.”
“This pioneering partnership will be key to facilitating and improving the power and electricity across the country. We are very proud and delighted to have structured and delivered such a trade financing solution in one of our network locations," she stated.

"This deal further demonstrates Standard Chartered’s core strength of seamlessly leveraging its global network and deep local expertise across Asia, Africa and the Middle East," she added.

GE has supported the development of essential energy, healthcare and transportation infrastructure in Iraq for over 50 years. The current agreement is an important part of the company’s commitment to contributing towards the country’s rebuilding efforts to the benefit of families, businesses and industries across Iraq.

Yoshito Murakami, CFO of GE’s Power Services business in Africa, India and the Middle East, said: "General Electric has a long and successful history of supporting major developments throughout the Middle East and we are honoured to collaborate with Standard Chartered Bank and Trade Bank of Iraq to be part of this vital infrastructure project that will bring power to homes and businesses across the country."

"Iraq is currently undergoing a period of significant redevelopment as it moves towards a more stable and secure future. GE is committed to continue working with its partners and customers across the region to be at the forefront of plans that will bring progress to the people of Iraq," stated Murakami.-TradeArabia News Service
VIP Member
VIP Member

Posts : 6609
Join date : 2018-11-04

View user profile

Back to top Go down

Back to top

Permissions in this forum:
You can reply to topics in this forum