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StanChart in $366 mln trade finance deal to fund Iraq projects

Reuters - UK Focus

DUBAI, Nov 30 (Reuters) - Iraq's Ministry of Electricity will secure a $366 million trade finance deal to fund power and infrastructure projects in the country by the end of 2016, an executive from Standard Chartered (HKSE: 2888.HK - news) , which is leading the financing, said on Wednesday.

Motasim Iqbal, head of transaction banking for the MENA region at Standard Chartered, was speaking to Reuters after the announcement on Wednesday of a financing memorandum of understanding signed between General Electric (Euronext: GNE.NX - news) , Trade Bank of Iraq and Standard Chartered to fund power and infrastructure projects in Iraq. (Reporting by Tom Arnold, editing by Louise Heavens)