A $600 million funding agreement has been reached for the financing of a major electricity project which will be implemented throughout Iraq.
Financing for the project has been raised through the Trade bank of Iraq (TBI), Standard Chartered and General Electric (GE), with the project aiming to generate up to 2 gigawatts of new power, which will deliver much needed electricity to Iraq's grid as part of the country's modernisation programme.
"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." said Faisal Al Haimus, chairman and president of Trade Bank of Iraq.
Continuing, Al Haimus concluded "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,"
CEO for Standard Chartered Bank UAE, Rola Abu Manneh, also commented on the deal: “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.”
Source: Reuters, The National