DUBAI- Trade Bank of Iraq, Standard Chartered and General Electric closed a $600 million financing agreement to fund a power project in Iraq, the trio said on Sunday.
Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s rebuilding and modernisation scheme, the parties said in a statement.
The financing agreement is the largest bespoke letter of credit confirmation and discounting transaction of its kind in the region.
Iraq’s government has been striving to close a gap between electricity demand and supply.
READ MORE
Breaking barriers: Kenyan women in tech graduate with Sh1.3 million boost to drive innovation
Stars hope to conquer Iten Marathon's challenging course
What causes rifts in family wealth transfer
Stanchart's 35-year Sh32b loan row with Manchester Outfitters closed
