Mashreq set to fund Iraq power project

dubai — Mashreq Bank 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.

This partnership underscores Mashreq’s commitment to supporting transformative projects across the Middle East. 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

Stelios Karavassilis, multinational corporates unit head at Mashreq Bank, said: “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 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, said: “Iraq is at the forefront of unprecedented development, and with Mashreq Bank, 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. In July this year, TBI and GE closed the transaction related to the rehabilitation of the Khor Al Zubair power plant. The project is the largest US government-funded power plant in Iraq.