Latest topics
Iraq closes electricity project worth $ 600 million
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Iraq closes electricity project worth $ 600 million
http://economy-news.net/content.php?id=14487
Iraq closes electricity project worth $ 600 million
25/11/2018
Iraq closes electricity project worth $ 600 million
25/11/2018
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.
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.
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: Iraq closes electricity project worth $ 600 million
http://www.tradearabia.com/news/OGN_347982.html
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
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
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Today at 11:16 am by kenlej
» Phony Tony sez: Full Steam Ahead!
Sat Apr 13, 2024 11:51 am by Mission1st
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Apr 13, 2024 11:45 am by Mission1st
» Russia aren't taking any prisoners
Fri Apr 05, 2024 6:48 pm by kenlej
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Wed Mar 27, 2024 6:02 am by Ditartyn
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej
» The second American Revolution has begun, God Bless Texas
Mon Jan 29, 2024 6:13 pm by kenlej
» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Sun Jan 28, 2024 3:28 pm by Mission1st
» Tucker talking Canada
Wed Jan 24, 2024 6:50 pm by kenlej
» Almost to the end The goodguys are winning
Mon Jan 22, 2024 9:03 pm by kenlej