With Technology, Expertise and Financing MoUs, GE Supports Iraq’s Power Sector
Iraq is working hard to build power generating capacity, and GE is helping with advanced technology, expertise and training. But it’s also supporting this goal in another way that’s equally essential to any infrastructure project: financing.
Through its global network of banking partners and multiple international export credit agencies, GE has the unique ability to help customers structure financing solutions.
Over the past year in Iraq, GE has worked with various government ministries to help attract nine major global export credit agencies to Iraq — resulting in significant project investment commitments.
The most recent example of this is a financing MoU signed by GE, the Trade Bank of Iraq (TBI) and Standard Chartered Bank (SCB) to accelerate the development of power and infrastructure projects in the country. This new MoU follows the successful completion of the first phase of GE’s Power Up Plan earlier this year, which GE had similarly supported with TBI and SCB.
The accomplishment of such financing schemes has supported more than US $500-million in financing to the Iraqi government. One example is the Power Up Plan signed by GE with the Ministry of Electricity, which boosted power generating capacity by more than 700 MW. The plan involved a fast-track program of technological solutions, maintenance and upgrade projects to existing Ministry power plants.
“This new financing MoU marks our long-term commitment to work with the government in building innovative solutions in technology and financing to help meet the critical power needs of the Iraqi people,” Aziz Koleilat President and CEO of GE Iraq & Levant . “By bringing international and local banks to drive project financing in the country, we will work to implement the key developmental priorities of the government.”
Today, there are more than 130 GE turbines installed across the country. For more than 50 years, GE has worked with Iraqi partners and customers in the field of power generation, oil and gas, healthcare, aviation and transportation, across three offices, in Baghdad, Erbil and Basra.