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GE, Standard Chartered, and Trade Bank of Iraq close financing deal for $600mn electricity project

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GE, Standard Chartered, and Trade Bank of Iraq close financing deal for $600mn electricity project

Post  GirlBye on Tue Nov 27, 2018 2:12 pm

America’s General Electric and UK-based Standard Chartered have closed a power financing agreement with the Trade Bank of Iraq (TBI) to fund the US$600mn Power Up Plan across Iraq


"An efficient, modern, secure, and reliable power network is the foundation on which the country’s long-term development and prosperity will be built,” said Faisal Al Haimus, Chairman and President of TBI, Trade Arabia reported.


“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."


GE has a significant footprint in Iraq stretching back 50 years, with its website stating that the firm has helped to create 6,200 jobs in the country since 2008, has aided the closing of over $1bn in loan agreements around the country, and has trained over 800 Iraqi Ministry of Electricity employees over the past decade.




According to Trade Arabia, Yoshito Murakami, GE’s CFO of Power Services 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."


Trade Arabia noted that Standard Chartered’s involvement comes as part of its new sustainability philosophy, aiming to drive sustainable and responsible development.



https://middleeast.businesschief.com/finance/2167/GE-Standard-Chartered-and-Trade-Bank-of-Iraq-close-financing-deal-for-600mn-electricity-project
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