Dubai – Mubasher: Mashreq Bank has announced entering into a strategic deal to develop power projects in Iraq.
The deal signed by the Dubai-based bank along with General Electric (GE) and the Trade Bank of Iraq for the development will help support Iraq’s growing energy needs, Mashreq revealed in a statement.
Over the past decade, Mashreq has successfully supported many major infrastructure projects in the region, including the Abu Dhabi’s Ruwais Refinery Expansion and Bab Gas Compression projects.
In July, the Trade Bank of Iraq, which plays a major role in the Iraqi government’s schemes to bolster the country’s power infrastructure and support Iraqis’ growing needs, closed an EUR 52 million ($60.28 million) deal with GE for the rehabilitation of the Khor Al Zubair power plant, 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 GE Power, Africa Middle East and South chief financial officer (CFO) Yoshito Murakami.
The Khor Al Zubair project is considered the largest US government-funded power-plant project in Iraq.
“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,” commented Stelios Karavassilis, multinational corporates unit head at Mashreq Bank.