Wednesday 08, August 2018 by Kudakwashe

Mashreq, TBI and General Electric form power development partnership

 

The partnership seeks to accelerate the development of power projects in Iraq.

  

Mashreq Bank has entered into cooperation with the Trade Bank of Iraq (TBI) and General Electric (GE) to supported key infrastructure projects in Iraq energy sector to meet the growing demand for power in the country.

In a statement, the troika said that last month TBI and GE successfully secured EUR 52 million to rehabilitate the Khor Al Zubair power plant, the transaction was financed by Mashreq under this partnership.

Stelios Karavassilis, Multinational Corporates Unit Head at Mashreq Bank, said that the Khor Al Zubair project is the largest US-funded power-plant project undertaken in Iraq.

The successful closure of the Khor Al Zubair transaction highlights the trust between Mashreq Bank and the Trade Bank of Iraq and we look forward to building on this relationship in the future, added Faisal Al Haimus, Chairman & President of Trade Bank of Iraq.

  

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