Cash & Liquidity ManagementInvestment & FundingCapital MarketsGE and Standard Chartered sign MoU for Iraq projects

GE and Standard Chartered sign MoU for Iraq projects

GE and the Iraqi government will partner with Standard Chartered and the Trade Bank of Iraq to accelerate power and infrastructure projects.

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.

Related Articles

The effects of digital transformation on the bank–corporate relationship

Corporate to Bank Relationships The effects of digital transformation on the bank–corporate relationship

3d The Global Treasurer
Why Open Banking increases the need for enhanced security

Open Banking Why Open Banking increases the need for enhanced security

5d Eric van Vuuren
Mobile banking platform enhanced for treasurers

Banking Mobile banking platform enhanced for treasurers

1w Laura Noble
Liberis CEO on Open Banking and the future of SME funding

Open Banking Liberis CEO on Open Banking and the future of SME funding

2w GTNews
Two year technological forecast for European banks - an insiders account

Banking Two year technological forecast for European banks - an insiders account

4w Hans Tesselaar
The challenge that third party providers face: five important steps to becoming a TPP following PSD2

Open Banking The challenge that third party providers face: five important steps to becoming a TPP following PSD2

4w Tom Wijnen
Is disintermediation coming? A video case study into the emerging utility model

Banking Is disintermediation coming? A video case study into the emerging utility model

4w David Beach
What can banks learn from the TSB IT disaster?

Banking Risk Management What can banks learn from the TSB IT disaster?

1m Mark Hipperson