FINANCING AGREEMENT COMBINES TRADE BANK OF IRAQ, ..

FINANCING AGREEMENT COMBINES TRADE BANK OF IRAQ, GE, AND STANDARD CHARTERED BANK

Trade Bank of Iraq, General Electric and Standard Chartered Bank signeda Memorandum of Understanding in Baghdad to provide the necessary financing to accelerate the pace of work in energy and infrastructure projects in Iraq.

Mr. Faisal Al Haimus, the acting CEO and the Chairman of Trade Bank of Iraq said:“The MOU represents the embodiment of our commitment to support the process of national growth which is based largely on providing a strong infrastructure to achieve economic growth and ensure the welfare and prosperity of the Iraqi people.”

Mr. Al Haimus also added:” We will cooperate with our partners to ensure the deployment of the funding provided by the MOUto back the infrastructure development projects in our country especially the energy sector.In addition to the main funders, The Trade Bank of Iraq and Standard Chartered Bank, The Kingdom of Bahrain based, Ahli United Bank will also participate in the financing of the first of a kind club deal in the Iraq.”

The signing ceremony was attended by H.E. Dr. Fadel Abdul Nabi the Deputy Finance Minister, and H.E. Mr. Ahmed Al Kanani, the President of the Parliamentary Economic Committee and Parliament Member and H.E. Dr. Haitham Al Jabouri, Member of the Parliament and the Parliamentary Finance Committee.

The guests visited the bank’s head office and were briefed about the functions of some of the bank’s department prior to the signing ceremony.