Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s rebuilding and modernisation scheme, the parties said in a statement.
The financing agreement is considered to be the largest bespoke letter of credit confirmation and discounting transaction of its kind in the region. Iraq’s government has been striving to close a gap between electricity demand and supply. The bank was established in 2003 with the aim of helping the reconstruction of Iraq by facilitating international trade and continues to be at the forefront of infrastructure developments across the country.
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