Mashreq, Trade Bank of Iraq and General Electric Enter Into Strategic Cooperation
Mashreq Bank, the leading financial institution in the UAE, has entered into a strategic cooperation with the Trade Bank of Iraq (TBI) and General Electric (GE) to accelerate the development of power projects in Iraq that will help meet the burgeoning demand for power in the country.
As one of UAE’s leading financial institutions, this partnership underscores Mashreq’s commitment to supporting transformative projects across the Middle East region. Over the last 10 years, Mashreq has supported key infrastructure projects in the region, including the likes of Ruwais Refinery Expansion Project and Bab Gas Compression Project
Commenting on the partnership, Stelios Karavassilis, Multinational Corporates Unit Head at Mashreq Bank, stated, “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. We are therefore, extremely pleased to demonstrate our support to the Iraqi government via the financing of the Khor Al Zubair power station, in cooperation with our partners TBI and GE.”
Yoshito Murakami, CFO GE Power, Africa Middle East and South Asia added, “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.”
Trade Bank of Iraq plays a key role in the Iraqi Government’s drive to enhance the power infrastructure and support the expanding requirements of its citizens. In July this year, TBI and GE successfully closed the transaction related to the rehabilitation of the Khor Al Zubair power plant worth 52 million Euros, which was financed by Mashreq under this partnership.
The Khor Al Zubair project is the largest U.S. Government-funded power-plant project undertaken in Iraq. Located in a remote region of southern Iraq, the gas-turbine plant is designed to supply electricity for hundreds of thousands of people.
Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, concluded, “Trade Bank of Iraq shares a longstanding and successful partnership with GE and we enjoy a great working relationship with Mashreq Bank. The successful closure of the Khor Al Zubair transaction highlights the trust we have in each other and we look forward to building on this relationship in the future. We believe projects such as these can significantly contribute to our country’s infrastructure development, especially in the hugely important power sector.”
GE has been active in Iraq for more than 50 years, and GE technology is involved in about 50% of Iraq’s power generation’s capacity. Today, over 130 GE turbines are in operation in Iraq apart from ongoing agreements to support power generation plants across the country. With more than 300 employees and three offices in Iraq – in Baghdad, Erbil and in Basra – GE continues to deliver its advanced technology and expertise to support the country’s power needs and provide reliable and efficient electricity to Iraqi people and industries.
Mashreq has provided banking and financial services to millions of customers and businesses since 1967.
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