Trade Bank of Iraq Partners With Standard Chartered and GE
Trade Bank of Iraq, Standard Chartered Bank and General Electric close a multi-million deal that will benefit the Iraqi people for generations to come.
Trade Bank of Iraq (TBI), Standard Chartered Bank and General Electric closed a $600 million financing agreement that funded an ambitious power project implemented across Iraq.
The financing solution will secure more than 2 gigawatts (GW) of new power, while ensuring the continuity of up to 6.7 GW to Iraq's grid as part of the «Power Up Plan», the three firms said in a media release on Monday.
Largest Transaction in the Region
The arrangement is the largest bespoke Letter of Credit (LC) confirmation and discounting transaction of its kind in the region.
«The financing supported as part of this latest round with our partners at General Electric and Standard Chartered Bank will play a major role in creating a brighter future for the Iraqi people. The agreement further underscores the crucial financial history and positive relationship that exists among the three institutions,» Faisal Al Haimus (pictured above), Chairman & President of Trade Bank of Iraq, said.
For Generations to Come
TBI was established in July 2003 with the aim of helping the reconstruction of Iraq by facilitating international trade and continues to be at the forefront of large-scale infrastructure developments across the country.
The institution’s financial network and expertise play a significant role in sourcing and securing funding for projects that will benefit the Iraqi people for generations to come.
