UAE's Mashreq Bank have signed a strategic cooperation deal with the Trade Bank of Iraq (TBI) and General Electric (GE). With Iraq facing a growing demand for power, the deal will support the much needed development of power projects in the country.
Mushreq has previously supported infrastructure projects in the region, including the Ruwais Refinery Expansion Project and Bab Gas Compression Project. In addition, Mashreq financed the partnership of TBI and GE for the 52 million Euro Khor Al Zubair power plant rehabilitation project earlier this year.
The Khor Al Zubair project is to date the largest US Government-funded power-plant project which has been undertaken in Iraq. The gas-turbine plant, situated in Southern Iraq, was built to supply electricity for hundreds of thousands of people.