November 25, 2018 / 7:39 AM / 17 days ago

Trade Bank of Iraq, StanChart, GE close $600 million power finance deal

DUBAI (Reuters) - Trade Bank of Iraq, Standard Chartered (STAN.L) and General Electric (GE.N) 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 modernization 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.

Reporting By Tom Arnold; Editing by Elaine Hardcastle

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