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Standard Chartered has successfully arranged a $95-million term loan for the Iraqi Ministry of Finance, supporting the supply of five electrical substations across northern and southern Iraq. The financing, backed by a 100% UK Export Finance (UKEF) guarantee, covers both political and commercial risks. The Ministry of Electricity will use the funds to procure equipment from the United Kingdom, strengthening Iraqs power infrastructure. The company supplying the equipment was not disclosed. Jamil Choucair, Chief Executive Officer, Standard Chartered, Iraq, said: We are delighted to support this landmark transaction, which reflects our commitment to enabling infrastructure development that drives sustainable economic growth. By working closely with the Ministry of Finance and UKEF, we are delivering tailored solutions that address Iraqs energy needs and contribute to its long-term progress. Faruq Muhammad, Global Head of Development and Agency Finance, Standard Chartered, added: This financing represents our unwavering commitment to the Republic of Iraq and our dedication to enhancing the lives of its communities. With the support of our ECA partners, including UKEF, we are not only driving forward the development of key infrastructure but also fostering long-term prosperity for the country. |
