General Electric (GE) has closed a $600mn financing agreement with the Trade Bank of Iraq and the UK-based bank Standard Chartered towards construction of more than 2GW of new electricity generating capacity and the revamping of around 6.7GW for Iraq’s dilapidated power sector.

The funding is part of the finance package promised by GE in a preliminary deal signed with the Ministry of Electricity last month (MEES, 26 October).

If successful, Baghdad’s agreements with GE and...