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

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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 modernisation scheme, the parties said in a statement.

FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong, China August 1, 2017. REUTERS/Bobby Yip
FILE PHOTO: The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe

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.

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