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Mashreq, Trade Bank of Iraq and GE in strategic deal

UAE bank finances Khor Al Zubair power plant in Iraq

Gulf News

Dubai

Mashreq Bank has entered into a strategic cooperation with the Trade Bank of Iraq (TBI) and General Electric (GE) to help the development of power projects in Iraq that will help meet the burgeoning demand for power in the country.

Over the last 10 years, Mashreq has supported key infrastructure projects in the region, including the likes of Ruwais Refinery Expansion Project and Bab Gas Compression Project.

“The Iraqi government has demonstrated a strong resolve in boosting the infrastructure of the country and Mashreq Bank aims to help the nation implement these strategic projects,” Stelios Karavassilis, Multinational Corporates Unit Head at Mashreq Bank, said in a statement on Wednesday.

Trade Bank of Iraq plays a key role in the Iraqi Government’s drive to enhance the power infrastructure and support the expanding requirements of its citizens. In July this year, TBI and GE successfully closed the transaction related to the rehabilitation of the Khor Al Zubair power plant worth 52 million euros, which was financed by Mashreq under this partnership.

“Iraq is at the forefront of unprecedented developments, and with Mashreq Bank, one of the leading regional banks, the Government of Iraq and GE, we look forward to a long and successful partnership to support the country’s power needs,” stated Yoshito Murakami, CFO GE Power, Africa Middle East and South.

The Khor Al Zubair project is the largest US Government-funded power-plant project undertaken in Iraq. Located in a remote region of southern Iraq, the gas-turbine plant is designed to supply electricity for hundreds of thousands of people.

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