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Thursday 28 February 2019
Basrah Gas and Citi Bank sign a $ 50 million credit facility
Thursday 28 February 2019
Basra Gas Company announced Thursday that it has signed a $ 50 million credit facility agreement with Citi, while it confirmed that Citi's first commercial loan to an Iraqi company would be used by the company for the purpose of financing its business. For this positive achievement in the United Arab Emirates.
"This credit facility is a milestone for the first commercial loan in addition to supporting the company's working capital needs. It demonstrates the strength of Iraqi institutions and their ability to attract financing from international banks," said Faras Kallab, general manager of Basra Gas Company. .
The company's business has been growing as the volume of processed gas and exports continues to grow, and there are aspirations to further improve our budget and sources of funding. The relationship with Citi has grown over the years since Basrah Gas started operations and there is confidence that Citi will continue to support future financing opportunities .
"Iraq is an important market for Citi and has great potential for growth and there is a potential for a strategic alliance with the Basrah Gas Company and we continue to provide them with banking solutions while developing their business and achievements in the country," said Atiq Rahman, chief executive of Citi Bank in the Middle East and Africa.
The Basra Gas Company and Citi have implemented the cash management model, which meets the needs of the company to pay the Iraqi and international suppliers reliably within the time schedules required in partnership with Iraqi local banks.
On the other hand, the Director General of the Department of Public Debt in the Iraqi Ministry of Finance Salah al-Din Hamid al-Hadithi that Iraq invests and encourages foreign investments to support economic growth, and is witnessing at present more cooperation between Iraqi companies and foreign investors, especially the credit facility agreement signed between the company Basra and Citi Bank and this gives the company flexibility in increasing its investments and expansion of production, and enhances the confidence of international banks in the Iraqi economy.
Citi also opened a representative office in Baghdad in 2013 to support Citi's institutional clients in the country, including Iraqi financial institutions and public sector institutions, as well as multinational companies and institutions active in the country, the statement said.
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