US multinational General Electric (GE), the Trade Bank of Iraq (TBI) and Standard Chartered Bank have signed a financing memorandum of understanding (MoU) to accelerate power and infrastructure projects in Iraq.
The MoU supports the financing of high priority contracts between GE and the Iraqi government, through partnering with TBI and Standard Chartered as a key stakeholder to accelerate the implementation. It is described as “the first and largest of its kind, bespoke transaction executed for Iraq.”
It also follows financial partnerships formed by GE with global and local financial institutions to speed up power and infrastructure projects in the country. Earlier this year, a similar financing agreement with the three entities had facilitated the completion of the first phase of the ‘Power Up Plan’ signed by GE with the Ministry of Electricity to deliver and secure more than 700 MW of power to the country’s grid. T
Standard Chartered, which led financing for the first phase of the ‘Power Up Plan’, said that the latest deal reaffirms the bank’s commitment to the Africa Middle East region and to Iraq. The bank launched its operations in Iraq in November 2013, opening its Iraq head office and first branch in Baghdad
Over the past year, by working with different Ministries in Iraq, GE has attracted more than nine major global export credit agencies to Iraq resulting in significant project investment commitment.
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