By John Lee.
General Electric (GE), Standard Chartered Bank and the state-run Trade Bank of Iraq (TBI) are reported to have jointly closed a $600-million financing agreement to fund the ambitious electricity project 'Power Up Plan' in Iraq.
According to Trade Arabia, the project will be implemented in two phases, providing more than 2 gigawatts (GW) of new power, and ensuring continuity of supply of up to 6.7 GW to Iraq's grid.
The financing arrangement is said to be the largest bespoke Letter of Credit (LC) confirmation and discounting transaction of its kind in the region.
(Source: Trade Arabia)