GE to build $600mln power project in Iraq

The project will be implemented on two phases as part of Iraqi government’s rebuilding and modernsation plans.

Iraq’s new power project is set to generate over two gigawatts (GW) of new power, in addition to ensuring the continuity of up to 6.7 GW to the national electricity grid and providing electricity to households and businesses across the Arab nation.

The facility is considered the largest bespoke Letter of Credit (LC) confirmation and discounting transaction of its kind in the region, according to a statement.

“An efficient, modern, secure, and reliable power network is the foundation on which the country’s long-term development and prosperity will be built,” TBI’s chairman and president Faisal Al Haimus said.

This cooperation is expected to enhance power and electricity industry across Iraq, Standard Chartered Bank UAE’s CEO Rola Abu Manneh stated.

“We are delighted to once again be partnering and collaborating with our colleagues at Trade Bank of Iraq and General Electric on a landmark deal, in Iraq,” Abu Manneh added.

“Iraq is currently undergoing a period of significant redevelopment as it moves towards a more stable and secure future,” CFO of GE’s Power Services business in Africa, India and the Middle East Yoshito Murakami commented.